IEX shares tumble 9% on reports of market coupling implementation by FY25
Indian Energy Exchange (IEX) fell by 9.4% following news of potential market coupling for power exchanges, expected to be implemented by the end of the current fiscal year or the start of FY26. The share price of IEX was recorded at Rs 216.88, down from the previous close of Rs 239.25.
Additionally, around 1 PM, 18.40 lakh IEX shares changed hands, significantly higher than the previous two weeks' average volume of 6.49 lakh. On the NSE, approximately 5.10 crore shares were traded, according to reports.
Market coupling is expected to challenge IEX's market dominance, which currently holds an 84% share of the power trading business.
Market coupling is a system used in energy markets to establish a single price for electricity across different trading platforms. It combines buy and sell bids from all participating exchanges to find a common market clearing price (MCP).
The government is advancing its plan to implement market coupling, with the Power Ministry prioritizing this initiative and directing the Grid Controller to complete the pilot study.
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