Pictet Offloads IEX Stake Amid Market Coupling Jitters

In a large bulk deal, Pictet Indian Equities has sold 6 million IEX shares at ₹131.5 per share, amounting to nearly ₹789 crore. The sale, as per NSE data, at a time when IEX is under regulatory trouble and investor doubt.

Key highlights:

The sale price of ₹131.5 a share is a deep discount from IEX's recent highs as it reflects bearishness after the Central Electricity Regulatory Commission (CERC) approval of market coupling.

Market coupling, beginning with the Day-Ahead Market in January 2026, will be designed to concentrate price discovery on power exchanges, potentially at risk of undermining IEX's market-leading market share and transaction-based top line.

IEX shares dropped over 28 percent in the day, to ₹135.26 on the NSE, as investors reacted to the change in regulation and anticipated margin squeeze.

Strategic implications:

Pictet's departure heralds a reset of institutional faith in IEX's long-term growth path under the new market landscape.

Analysts are still split: while Bernstein downgraded IEX on liquidity concerns, UBS had a buy rating, and saw little volume effect in Grid-India's pilot estimates.

The block deal timing, on the eve of IEX's Q1 FY26 quarterly results, generates speculation around future guidance and strategic shift.

Market perception:

Investors will be particularly interested in hearing IEX's management speak about adjusting to the new regime, such as diversifying into green markets and real-time trading.

The huge deal can spur additional institutional rebalancing as investors re-evaluate India's evolving power swap dynamic.

Sources: NSE Data, Economic Times, Times of India, Business Today, ET Now.