IEX Share Price Slides 8% as APTEL Delays Market Coupling Hearing to Jan 19

Indian Energy Exchange share price (NSE: IEX) dropped sharply on Friday after the Electricity Appellate Tribunal (APTEL) deferred the hearing on market coupling to January 19, 2026. Investors were expecting clarity on whether the proposed market coupling rules would be implemented, but the delay led to heavy selling in the stock.

IEX shares fell as much as 7.8% during intraday trade to a low of ₹138.35 on the BSE. 

Why IEX Share Price is Falling Today?

The sharp fall in IEX shares is mainly due to uncertainty around market coupling regulations and the lack of a clear regulatory decision. The delayed hearing means investors will have to wait longer for clarity on the future business model of power exchanges.

The decline has pushed the stock closer to its 52-week low of around ₹130, adding to negative sentiment.

What Is the Market Coupling Issue?

At present, power exchanges such as IEX, PXIL and HPX discover electricity prices independently. The Central Electricity Regulatory Commission (CERC) has proposed market coupling, under which a Market Coupling Operator (MCO) would set a single electricity price for the entire country based on combined bids.

Under this plan, power exchanges would take turns acting as the MCO, with Grid-India acting as a backup and audit authority.

Legal Twist Ahead of the Hearing

IEX has challenged CERC’s July 2025 decision in APTEL, seeking to cancel the proposed market coupling move. The company has argued that the pricing benefits of coupling are minimal and that the process followed by CERC was flawed.

Ahead of the hearing, CERC issued a correction stating that its July 2025 communication should be treated as a “direction” and not an “order.” CERC also asked for more time to clarify whether the proposal could be withdrawn or modified.

Given these developments, APTEL postponed the hearing and asked IEX to submit an affidavit explaining its stand on the proposed changes by January 19.

Also Read: Best Gold Mutual Funds in India for Jan 2026!

Tribunal Raises Concerns

During the proceedings, the Tribunal reportedly questioned how the regulations were introduced and hinted at possible procedural lapses. It even noted that an inquiry could be ordered if any irregularities were found in how the rules were framed.

Separately, SEBI had earlier issued an interim order highlighting possible insider trading linked to decisions around market coupling, further complicating the issue.

Conclusion

IEX shares fell sharply as the delay in the APTEL hearing prolonged uncertainty around market coupling regulations. 

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