IEX shares in focus ahead of Electricity Tribunal hearing on market coupling case

Shares of Indian Energy Exchange Ltd. (IEX) are likely to remain under investor focus as the Electricity Appellate Tribunal (APTEL) is scheduled to hear the Market Coupling case on January 9 at 10:30 am.

The hearing comes after IEX challenged the Central Electricity Regulatory Commission’s (CERC) July 2025 order on day-ahead market (DAM) coupling, which had triggered significant volatility in its stock.

IEX’s petition contends that the coupling order was arbitrary, violated principles of natural justice,

and threatened its position as the leading platform for price discovery. At present, IEX commands around 85% of India’s spot power market. The company is seeking withdrawal of the order and a stay until the matter is resolved.

During the previous hearings, APTEL highlighted concerns over procedural lapses in the implementation of the coupling norms and urged CERC to act independently and transparently. The tribunal indicated that if CERC confirms the possibility of withdrawing the order, the case could be concluded on Friday itself. CERC has stated it will consult internally and take instructions before deciding, emphasising a fair and consultative approach.

The DAM Market Coupling mechanism is designed to aggregate buy and sell orders across exchanges to determine a uniform market clearing price, with Grid India acting as a backup operator. The move will be followed by a pilot for real-time market coupling after assessing DAM performance.

Investors have already responded sharply to developments. Earlier this week, IEX shares surged nearly 13% after CERC indicated potential withdrawal, recovering some of the losses from the previous collapse of nearly 30% triggered by the July 2025 order.

The stock closed at ₹149.41 on Thursday, down 3.5%.

The January 9 hearing is being closely watched as it could provide regulatory clarity and shape IEX’s business strategy in India’s evolving power market.