IEX shares tumble 15% from all-time high hit 2 days ago. What lies ahead?
Indian Energy Exchange (IEX) hit a 52-week high of Rs 244.40 on September 24. However, the stock has since dropped 15%, approaching its key support level at Rs 200.
The fall was witnessed after reports of implementation of market coupling for power exchanges either by the end of the current fiscal year or the start of FY26 came out, which is anticipated to hit the market dominance of IEX.
IEX currently commands the majority of the power trading business, with 84% share in it.
“Definitely, the market coupling is negative for IEX because as of now, there are two key products which are there, like Day Ahead Market and RTA where IEX is enjoying close to 97% market share. This product is not still available with a new exchange like HPX. The product which is there is like a Term Ahead Market where market share of IEX is 60%,” said Rupesh D Sankhe of Elara Capital.
Once the market coupling gets implemented, the products (DAM and RTA) will be launched and IEX’s market share could come down to 60-70%.
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