Protean eGov Technologies saw a 9% drop in its shares during morning trading on November 22. This decline followed the announcement made by the National Stock Exchange (NSE) about the sale of a significant stake in the company.

NSE Investments, a wholly-owned subsidiary of NSE, plans to sell up to 20.32% of its stake through an offer for sale (OFS) at a floor price of Rs 1,550 per share. The OFS includes a base issue of 10.16% equity, with an additional green shoe option of 10.16% equity. NSE Investments was established to manage strategic investments in various companies.

The offer will be open to non-retail investors starting from November 22, while retail investors can participate from November 25. Despite a notable 50% increase in Protean eGov Technologies' stock price over the past year, the current market reaction reflects investor concerns regarding the upcoming stake sale.