IEX shares fall 10% from highs on CERC market coupling circular before APTEL hearing

Shares of IEX are witnessing extreme swings on Friday, January 9, as the Electricity Appellate Tribunal (APTEL) began its hearing on the market coupling case.

The stock, which traded with gains of 6% before the hearing, fell over 12% from the highs to trade with losses of over 4%, before recovering all of those losses and return to positive territory.

Ahead of the hearing, the CERC issued a circular, stating that the July 2025 order, should be treated as a "direction" and not an "order."

At the start of the hearing, APTEL has sought clarity from the CERC on the withdrawal of the coupling order to which the CERC lawyer has sought more time to respond on withdrawing the order.

APTEL has observed that the CERC has to work as an independent body and rise above suspension. The tribunal also said that it will be holding an enquiry if there is anything amiss within the regulator and if something has been done to address the issue.

The tribunal also urged the CERC to show some urgency in getting its house in order.

IEX has told APTEL that a corrigendum has been issued by the CERC to turn the coupling order into a direction, adding that it is strange that an order has been passed retrospectively, when the case is still pending.

Shares of IEX are currently trading 0.4% lower at ₹149.45.

This is breaking news. Will be updated with more.