Bugsymike's description of a circlip refers to the normal situation found on most vehicles today. This does to apply to the classic Panda.
Your pic took me back to my time with classic Pandas, only FWD, but the front shafts are the same. The inner joint is held into the diff, mostly by the limited suspension movement, being designed not to pull the shaft out, even on full stretch, and also held, lightly, by the gaiter. An unusual system, with the gaiter being fixed, and incorporating a seal for the rotating shaft. The shorter shaft, on the left, I think, tends to wear those seals out quite quickly.
In normal use, the shaft should not be able to come out of the diff. The outer half of the tripod joint, inside the gearbox, shuld be long enough to cope with the full axle movement. If the shaft is coming out, it is moving further than expected. As this is not a new vehicle, we need to determine what is now different than it was before. Why is the wheel moving more up/down than intended. You will need to look carefully at the suspension mounting points, and components, to determine what is different. History is important, as you will know what has been changed, and how long ago, or what has changed with respect to use of the vehicle, the roads, etc., that might be highlighting excess axle movement.
Just a few thoughts.
Has the engine moved? Are its mountings sagging, or just been replaced?
Has it recently had new shocks that allow greater movement?
Is the lower tie rod allowing greater movement?