IEX stock tumbles on market coupling fears
Business Standard|September 25, 2024
Shares of Indian Energy Exchange (IEX) plunged on Tuesday amid fears of market coupling, which refers to a uniform market clearing price for buyers and sellers in all exchanges operating in an area.
DEEPAK KORGOANKAR
IEX stock tumbles on market coupling fears

The stock, which scaled to a 52-week high of ₹244.35 during intra-day trade, settled 11.56 per cent lower at ₹211.60. It has gained 57.91 per cent in the past six months and 26.10 per cent on a year-to-date (YTD) basis.

The average trading volumes on the counter jumped over six-fold, with a combined 110.74 million equity shares, representing 12 per cent of the total equity of IEX, having changed hands on the NSE and BSE.

It bounced back 82 per cent from its June month low of ₹134.30 apiece. It hit a record high of ₹318.71 apiece on October 19, 2021.

The Grid Controller of India (Grid-India) has been requested by the Power Ministry to ensure that the pilot study for coupling power exchanges is completed according to the set timeline, reports said.

IEX, in its FY24 annual report, said one of the key regulatory aspects that has a direct bearing on the exchange is market coupling in terms of design changes.

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