IEX Share Price Today Tanks 10% In Early Trade – Here’s What Triggered The Fall

Shares of Indian Energy Exchange (IEX) nosedived as much as 10% in early trade on Thursday after the Central Electricity Regulatory Commission (CERC) announced it will implement market coupling of the day-ahead market (DAM) across power exchanges by January 2026.

IEX  Share Price Today

At the BSE, IEX opened at Rs 169.10, which was also its day’s low, compared to its previous close of Rs 187.85. As of 10:05 AM, the stock was trading at Rs 169.10, down 18.75 pts or 9.98%.

Similarly, on the NSE, the stock opened at Rs 169.10 against the previous close of Rs 187.89. At 10:04 AM, it was trading at the same level, registering a 10% intraday fall and hitting the lower circuit.

CERC’s Market Coupling Plan
In an order issued late Wednesday evening, CERC said it would begin market coupling in a round-robin mode across the power exchanges starting 2026, with the goal of improving price discovery and system efficiency.

Market coupling is a method used to create a uniform electricity price across multiple exchanges by coordinating their bids, thereby enhancing market liquidity and efficiency.
The regulator added that coupling of the real-time market (RTM) would be taken up at a later stage, after gaining operational experience with DAM.

Why CERC Is Introducing Market Coupling
In a 2023 draft, CERC explained that India’s power sector is transitioning to a renewable-centric model, which requires a reimagined market structure. This includes developing a market-based mechanism that supports large-scale renewable integration. One key aspect is power market coupling, which the Ministry of Power (MoP) had directed CERC to implement.

What This Means for IEX
The decision is seen as a major blow to IEX, India’s largest power exchange, known for electricity spot price discovery. Analysts say market coupling could dilute IEX’s dominance and erode its revenue share, as other power exchanges will also participate in price discovery.

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Further, CERC said all power exchanges must share data with Grid-India, which will act as a backup and audit operator for the market coupling process.
In addition, the CERC plans to extend the coupling model to other segments like the term-ahead market in future phases.