IEX slips 4% on huge volumes, stock nears 52-week low; here's why

IEX stock outlook: The CERC is considering replacing the current ceiling-based transaction fee regime for power exchanges with a lower, fixed per-unit fee to improve transparency and predictability.

Indian Energy Exchange (IEX) share price today

 

Share price of Indian Energy Exchange (IEX) slipped 4 per cent to ₹133.45 on the BSE in Friday’s intra-day trade amid heavy volumes. 

 

The stock price of the exchange and data platform company was quoting close to its 52-week low of ₹130.35 touched on August 7, 2025. It had hit a 52-week high of ₹215.40 on June 9, 2025.

 

At 09:43 AM; IEX share price was quoting 2 per cent lower at ₹136.05, as compared to 0.23 per cent decline in the BSE Sensex. The average trading volumes at the counter more-than-doubled, with a combined 5.9 million equity shares changing hands on the NSE and BSE.  CATCH STOCK MARKET UPDATES TODAY LIVE

 

Why was IEX's share price under pressure on Friday?

 

IEX is India’s premier energy exchange providing a nationwide, automated trading platform for physical delivery of electricity, renewable energy and certificates including renewable energy certificates as well as the energy saving certificates. The exchange platform enables efficient price discovery and increases the accessibility and transparency of the energy market in India while also enhancing the speed and efficiency of trade execution.

 

According to media reports, the Central Electricity Regulatory Commission (CERC) is considering replacing the current ceiling-based transaction fee regime for power exchanges with a lower, fixed per-unit fee to improve transparency and predictability. Proposals include a fixed fee of ~1.25–1.5 paise/unit versus the current 2 paise/unit cap, which could reduce costs for participants and curb fee clustering at the ceiling, impacting exchanges such as Indian Energy Exchange, ICICI Securities said in a note.

 

If the deliberations convert into regulations, then it will lead to a significant dent on earnings of IEX as it is the leading power exchange with strong market share. So even a 30 per cent cut in fees can erode the profitability to the same extent other things being the same. On top of that, market coupling regulation when it comes into force would also have a hit on the trading volumes, the brokerage firm said.  ALSO READ | Lenskart share price gains 4% on acquisition update in Korea; details here 

Meanwhile, IEX in its FY25 annual report said that the CERC issued an order on July 23, 2025 for implementation of the coupling of Day-Ahead Market (DAM) of the power exchanges in a round-robin mode by January 2026. Under the round-robin mode, the power exchanges may act as the Market Coupling Operator (MCO) on a rotational basis, with Grid-India being the fourth MCO for backup and audit purposes. 

 

Additionally, as per the order, given the shorter time for bid submission and running the market clearing engine, the decision to implement the coupling of Real-Time Market (RTM) of the power exchanges shall be considered at a later stage after gaining operational experience from the coupling of DAM. 

 

The Commission also noted that there is a need to further examine the approach and methodology of the shadow pilot run of coupling of RTM with SCED adopted by Grid-India. The Commission additionally noted that the feasibility of coupling of the Term-Ahead Market (including Contingency Contracts) of the power exchanges will be examined by running a shadow pilot separately, the company said.  ALSO READ | Ola Electric share price jumps 5% after ₹367-crore PLI incentive approval 

In light of the CERC’s announcement of the phased implementation of market coupling in India, starting with the day-ahead market (DAM) (45 per cent of IEX volumes in FY25) by January 2026, analysts at Motilal Oswal Financial Services had lowered its FY27 earnings estimates by 17 per cent (at the time of the market coupling announcement), factoring in a 30 per cent volume decline and a 10 per cent reduction in transaction fees in the DAM segment. The brokerage firm in its Q2 result update said that they are now building in volume CAGR of only 7 per cent (ex-REC) over FY26-28. The delayed implementation of market coupling/lower than anticipated market share loss can lead to significant upside risks to earnings estimates, it added.