IEX Share Price Falls 8% on July 28; What’s Driving the Sell-Off ?

Indian Energy Exchange (IEX) saw its share price fall by 8.6% to ₹132.16 during early trade on Monday, July 28, 2025. This decline follows a broader correction in the stock, with a cumulative fall of nearly 30% over the last 5 trading sessions.

CERC’s Market Coupling Plan

The recent changes in IEX’s share price are linked to the Central Electricity Regulatory Commission’s (CERC) announcement on the phased introduction of market coupling, set to begin in January 2026. The framework aims to bring together multiple electricity trading platforms under a common mechanism.

The initiative will unify bids from various power exchanges through a common clearing mechanism, ensuring that prices reflect actual grid limitations. This poses a challenge to IEX’s traditional edge in spot power trading, where its high liquidity has historically driven price discovery, as per news reports.

IEX Share Price Movement

IEX was recently removed from the Futures & Options (F&O) ban list, which has enabled investors to take new positions in the stock. However, price fluctuations have continued:

• On Thursday, the stock dropped 30% after the regulatory update.
• On Friday, the stock recovered by 9%.
• On Monday, it declined again, giving up the gains made in the previous session.

IEX Q1 FY26 Financial Results

For the quarter ending June 2025, IEX reported:

• Net Profit: ₹120.69 crore, up from ₹96.44 crore in the same period last year.
• Revenue from Operations: ₹139.9 crore, compared to ₹123.5 crore a year ago.
• Total Expenses: ₹32 crore, an increase from ₹29.4 crore in the corresponding quarter of the previous financial year.

Read More: IEX Power Market Update: Strong Q1 FY26 Growth, REC Volumes Soar 149%.

Conclusion

While Indian Energy Exchange (IEX) reported healthy financial growth in Q1 FY26, regulatory developments around market coupling have created uncertainty over its long-term market positioning. Investors may continue to monitor how the implementation of these changes affects IEX’s business model and competitive standing in the power trading ecosystem.

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