IEX surges 16% in 2 days on heavy volumes; what's driving stock price?

The average trading volumes at the IEX counter jumped over four-fold, with a combined 57.22 million equity shares changing hands on the NSE and BSE till 10:30 AM on Wednesday.

Indian Energy Exchange (IEX) share price today

 

Shares of Indian Energy Exchange (IEX) moved higher by 5 per cent to ₹155.50 on the BSE in Wednesday’s intra-day trade amid heavy volumes. In the past two trading days, the stock price of the exchange and data platform company has surged 16 per cent on hopes of the Electricity Appellate Tribunal (APTEL) relief on the Central Electricity Regulatory Commission (CERC) market coupling norms.

 

At 10:30 AM; IEX was quoting 3 per cent higher at ₹152.90, as compared to 0.18 per cent decline in the BSE Sensex. The average trading volumes at the counter jumped over four-fold, with a combined 57.22 million equity shares of IEX changing hands on the NSE and BSE.

 

Meanwhile, the stock price of IEX had hit a 52-week low of ₹130.35 on August 7, 2025. It had hit a 52-week high of ₹215.40 touched on June 9, 2025.

 

What’s driving IEX stock price in the past two trading days?

 

The Hon’ble Appellate Tribunal for Electricity (APTEL), on Tuesday, January 6, 2026, heard the Petition filed by the IEX challenging the Suo-Motu Order dated July 23, 2025, issued by the CERC pertaining to the implementation of market coupling.

 

Market coupling is an economic model used in energy markets to create a single, uniform price for electricity across different trading platforms or exchanges, diluting IEX's dominant position.

 

APTEL delivered strong observations on the market coupling regulations notified by the CERC, questioning the transparency, independence, and process followed in framing the July 2025 order. During the hearing, CERC’s counsel stated that the regulator would seek instructions from its members on a possible withdrawal of the order, following which APTEL indicated the matter could be closed. The next hearing is scheduled for January 9, 2026.  ALSO READ | Dixon Tech, IEX: Analysts see up to 43% upside in these beaten-down stocks 

 

IEX informed the stock exchanges that the company is not aware of any information or event that has not been disclosed to the Stock Exchanges, and which could explain the movement in the trading. 

 

The movement in the share price, if any, appears to be market-driven based on publicly available information regarding the said APTEL hearing. At this stage, the matter is sub judice, and no order or direction has been passed by the Hon’ble APTEL, the company said.

 

According to ICICI Securities, APTEL’s remarks materially weaken the regulatory standing of the July 2025 market coupling framework and meaningfully raise the probability of its withdrawal or rework. If the order is withdrawn, it would preserve the current exchange-based price discovery mechanism. This outcome would significantly reduce regulatory overhang for IEX, protect its core price-discovery moat and liquidity advantage, the brokerage firm said in a note.  Meanwhile, the matter of CERC‘s suo moto instructions to implement market coupling beginning January 2026 remains sub judice. During the two hearings at APTEL so far, appellant IEX has argued—citing ulterior motives for circular, incorrect methodology (regulations)—against ‘so-called monopoly’, adding that price benefits from coupling are negligible.  Analysts at JM Financial Institutional Equities believe development of more exchanges is imperative for the success of new trading mechanisms such as derivatives, peer-to-peer trading and virtual PPAs, which are critical to the energy transition journey. That said, the brokerage firm reckon coupling is not likely before December 2027 in light of the challenges to its implementation.  Disclaimer: View and outlook shared on the stock belong to the respective brokerages and are not endorsed by Business Standard. Readers discretion is advised.