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Indian Energy Exchange (IEX) shares experienced extreme volatility on January 9, 2026, plunging nearly 8% to close at Rs 139.36 after APTEL deferred the crucial market coupling hearing to January 19. The stock swung from an intraday high of Rs 160.27 to a low of Rs 137.70 amid ongoing regulatory uncertainty from CERC's July 2025 order. Investors await IEX's affidavit on proposed amendments, prolonging concerns over power market dynamics.
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The Electricity Appellate Tribunal (APTEL) concluded today's proceedings without a final verdict on CERC's market coupling directive for the Day-Ahead Market (DAM), originally set for January 2026 implementation. CERC's counsel requested more time to address withdrawal possibilities, prompting the deferral and directives for IEX to submit clarifications. This development follows SEBI's prior findings on potential irregularities in the order's formulation, heightening scrutiny.
Key Highlights
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APTEL hearing deferred to January 19, 2026, with IEX required to file affidavit on coupling norm amendments
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Shares opened at Rs 150.09, hit high of Rs 160.27 (up ~7%), low of Rs 137.70 (down ~8%), closed at Rs 139.36
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CERC issued corrigendum reclassifying July 23, 2025 directive as "direction" not "order," fueling procedural debates
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Market coupling proposes uniform national pricing via rotational operators, challenging IEX's ~85% DAM dominance
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Trading volume surged to 21+ million shares, reflecting heightened investor reaction
Sources: CNBC-TV18, Business Standard, Moneycontrol
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