IEX share price jumps over 5% after this update in Market Coupling Case

IEX Share Price Jumps Over 5% Amid Robust Buying Interest

The Indian Energy Exchange (IEX) share price surged over 5% on the Bombay Stock Exchange (BSE) on Monday, supported by strong buying interest and robust trading volumes.

Key Highlights:

• IEX shares rallied as much as 5.70% to ₹139.65 apiece on the BSE.
• Robust trading volumes supported the surge, with around 1 crore equity shares changing hands on 1 December 2025.
• The current trading volume is significantly higher than the one-week average of 59 lakh shares and one-month average of 73 lakh shares.

Market Coupling Case: A Key Driver Behind IEX Share Price Surge

The surge in IEX share price today is attributed to ongoing legal developments in the market coupling case. The Appellate Tribunal for Electricity (APTEL) has scheduled the next hearing for January 6, 2026, while hearing IEX's plea against the Central Electricity Regulatory Commission's (CERC) move to implement market coupling norms.

APTEL has stressed the need for an early hearing before the regulations are notified, citing concerns about certain allegations raised in the matter. The tribunal observed that if these allegations were found to be true, they would cast a shadow on the functioning of an independent regulator.

IEX's Plea Against CERC's Market Coupling Order

IEX has argued before APTEL that the market coupling order, which led to a 29% single-day crash in its stock earlier, formed part of an alleged insider trading scheme and is therefore "tainted".

The company is seeking quashing of the CERC's market coupling order and a stay on its implementation until the case is decided. IEX contends that the order is arbitrary, violates principles of natural justice, disrupts a regulatory framework built over 17 years, and threatens its market share without clear benefits.

CERC's Market Coupling Order: A Structurally Negative Move for IEX

CERC's July decision envisages implementation of market coupling in the Day Ahead Market (DAM) by January 2026. Under this framework, different power exchanges would act as Market Coupling Operators (MCOs) on a round-robin basis, aggregating buy and sell orders across platforms to discover a uniform market clearing price.

Analysts view the move as structurally negative for IEX, as it dilutes its advantage as the preferred platform for price discovery and could shift meaningful volumes to rival exchanges. IEX currently commands around 85% market share in the spot power market.

IEX Share Price Performance

IEX share price is down nearly 32% from its 52-week high of ₹215.40 apiece hit on 9 June, 2025. The stock has gained 5% in one month and has declined 27% in the past six months. IEX share price has fallen 17% in one year, but has jumped 102% in the past five years.

At 11:05 AM, IEX share price was trading 5.38% higher at ₹146.85 apiece on the BSE.