IEX Share Price Surges Over 5% Amid Market Coupling Case Developments

Indian Energy Exchange (IEX) witnessed a sharp uptick in its share price, rising over 5% on the BSE, driven by strong trading volumes and ongoing legal developments in the market coupling case. The stock rallied as much as 5.70% to ₹139.65 per share on 1 December 2025, reflecting heightened investor interest.

Market Performance

• IEX Share Price Movement:
  • One-month gain: 5%
  • Six-month decline: 27%
  • One-year fall: 17%
  • Five-year growth: 102%
  • 52-week high: ₹215.40 (9 June 2025)
  • 52-week low: [Data not in reference]
• Trading Volumes:
  • Shares traded: ~1 crore on 1 December 2025
  • One-week average volume: 59 lakh shares
  • One-month average volume: 73 lakh shares

The surge in IEX shares came with volumes significantly above recent averages, indicating strong market activity.

Key Developments in the Market Coupling Case

IEX shares are reacting to the ongoing legal developments concerning the market coupling order issued by the Central Electricity Regulatory Commission (CERC).

• Upcoming Hearing: The Appellate Tribunal for Electricity (APTEL) scheduled the next hearing for 6 January 2026.
• Company’s Stand: IEX is challenging the CERC order, citing alleged irregularities and potential insider trading linked to the order.
• Regulatory Concern: APTEL noted concerns over certain allegations in the matter, suggesting that if true, they could impact the independence of the regulator.

IEX has highlighted a Securities and Exchange Board of India (SEBI) report alleging that some CERC officials made illegal gains of ₹173 crore through insider trading connected to IEX share transactions. The company maintains that the market coupling order, which had previously triggered a 29% single-day stock fall, is tied to this alleged scheme.

What is CERC’s Market Coupling Order?

CERC’s market coupling decision, issued in July 2025, aims to implement market coupling in the Day Ahead Market (DAM) by January 2026. Key points:

• Market Coupling Framework: Different power exchanges will rotate as Market Coupling Operators (MCOs) to aggregate buy and sell orders and establish a uniform market-clearing price.
• Pilot Studies: Grid India will serve as a backup MCO and conduct pilot studies.
• Real-Time Market: Coupling for the real-time market will be evaluated later.

The order could impact IEX’s market position, as it currently controls around 85% of the spot power market.

IEX Company Snapshot

• Full Name: Indian Energy Exchange
• Sector: Energy / Power Market
• Market Share: ~85% in spot power trading
• Recent Performance: Experienced a steep fall earlier due to a market coupling order but recovered sharply amid robust trading and legal updates.

Summary

IEX shares climbed over 5% on robust volumes, backed by developments in the market-coupling legal case. The company is challenging the CERC order, citing alleged irregularities which have influenced trading sentiment. While the stock remains below its 52-week high of ₹215.40, short-term movements indicate heightened activity and investor focus on regulatory developments.