IEX Share Price Falls 2.61% After Hearing on Market Coupling Deferred to November 28

New Delhi, October 31: The IEX share price is trading in the red today, after the Electricity Appellate Tribunal (APTEL) deferred the company’s plea hearing against market coupling directives to November 28. As of 2:45 PM, the IEX stock price was down 2.61%, or 3.75 points, and was trading at ₹139.80. Until now, the IEX shares have traded within a range of ₹145.99 and ₹139.11. The traded volume stood at 1.17 crore shares, with the company’s market cap at ₹12,800 crore. The IEX stock has its 52-week high at ₹215.40 and its 52-week low at ₹130.26.

Indian Energy Exchange Limited (NSE: IEX, BSE: 540750) is an Indian power exchange. It was established in 2007 and is headquartered in New Delhi.

Shares Fall After Hearing on Market Coupling Deferred to November 28

The fall in the share price comes after the company announced that the Electricity Appellate Tribunal (APTEL) has deferred the company’s plea hearing against market coupling directives to November 28. The members of the Electricity Appellate Tribunal (APTEL) recused themselves from hearing the plea of IEX and postponed the plea hearing to November 28. IEX filed the market coupling plea hearing to challenge the previous order issued for market coupling. Market coupling is a process that allows power exchanges such as IEX to pool all the buy and sell bids to match with a single mechanism. This allows for a uniform market-clearing price, rather than IEX running its own auction to determine the clearing price.

The previous hearing was held on October 13, where IEX was asked to revise its petition by adding Grid Corporation of India, Power Exchange of India, and Hindustan Power Exchange as respondents.

What Lies Ahead for IEX?

IEX share price is witnessing negative investor demand today, as the rescheduling of the hearing has hurt investor sentiments. This is because of the statement by IEX, where it said that the current standing order is disruptive and it will cause the exchange to lose market share. It remains to be seen if the plea hearing on November 28 results in a positive outcome, or the share will fall more.

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