{"id":864500,"date":"2025-07-24T03:18:17","date_gmt":"2025-07-24T08:18:17","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2025\/07\/24\/stock-crash-iex-shares-tank-10-after-market-coupling-approval-5-1-crore-sell-orders-pending\/"},"modified":"2025-07-24T03:18:17","modified_gmt":"2025-07-24T08:18:17","slug":"stock-crash-iex-shares-tank-10-after-market-coupling-approval-5-1-crore-sell-orders-pending","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2025\/07\/24\/stock-crash-iex-shares-tank-10-after-market-coupling-approval-5-1-crore-sell-orders-pending\/","title":{"rendered":"Stock Crash: IEX shares tank 10% after market coupling approval; 5.1 crore sell orders pending"},"content":{"rendered":"

Home<\/a><\/span>Market News<\/a><\/span>Stock Crash: IEX shares tank 28% after market coupling approval; 5.1 crore sell orders pending<\/span><\/p>\n

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The decision to implement market coupling against the report submitted by Grid-India has come as a negative development as this would mean IEX loses its business moat of being the “best platform” for price discovery.<\/h2>\n<\/p>\n
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Shares of Indian Energy Exchange Ltd. (IEX) fell as much as 26% in trading on Thursday, July 24, in reaction to a negative development with regards to market coupling norms, which have been a major overhang on the stock.<\/p>\n

\nAs per data on the NSE, 5.1 crore sell orders are already pending on IEX at the lower circuit.<\/p>\n

\nThe Central Electricity Regulatory Commission (CERC) has approved he implementation of the Market Coupling norms, with the Day Ahead Market (DAM), in accordance with the Power Market Regulations of 2021.<\/p>\n

\nUnder the first Phase of these norms, coupling of the Day-Ahead Market (DAM) will be implemented by January 2026, under which, different power exchanges will act as Market Coupling Operators (MCOs) on a round-robin basis.<\/p>\n

\nA Market Coupler collects all buy and sell orders from all the power exchanges, which is then aggregated and matched to discover a uniform market clearing price, across all exchanges regardless of platform.<\/p>\n

\nThe CERC staff will also initiate stakeholder consultation for DAM coupling and propose necessary regulatory amendments.<\/p>\n

\nGrid India will serve as a fourth market coupling operator for backup and audit purposes. It will also develop a software for Term-Ahead Market coupling, run a three-month shadow pilot for the same, and submit feedback post completion of the process.<\/p>\n

\nFor the Real-time Market (RTM), coupling will be considered at a later stage after the DAM experience as it needs further regulatory and operational examination.<\/p>\n

How does this impact IEX?<\/strong><\/h2>\n

\nThe decision to implement market coupling against the report submitted by Grid-India has come as a negative development as this would mean IEX loses its business moat of being the “best platform” for price discovery.<\/p>\n

\nAdditionally, the introduction of market coupling can meaningfully shift volumes to competitive exchanges. Currently, IEX has a market share of nearly 85% in the spot market.<\/p>\n

\nIEX will also be reporting its quarterly results later today.<\/p>\n

\nBrokerage firm Bernstein retained its market-perform rating on IEX but cut its price target down to \u20b9122 from \u20b9160 earlier, which implies a potential downside of 35% from current levels.<\/p>\n

\nIt said that the CERC order is worse and different from what they had anticipated and that this regulatory overhang is the biggest reason why IEX is a difficult stock for institutional holding.<\/p>\n

\nBernstein was working with a 50% chance of coupling and a high certainty that transaction charges will reduce over time. “Now coupling is certain from January 2026 and the transaction charge should also come down sooner due to competitive intensity itself,” the brokerage said.<\/p>\n

\nShares of IEX are trading 28% lower on Thursday at \u20b9135.02. The stock has remained flat in the last one month. The stock is also in the F&O ban today, which means no new positions can be created in the stock.<\/p>\n<\/div>\n

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First Published:\u00a0<\/p>\n

Jul 24, 2025 5:20 AM<\/p>\n

IST<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n

Read More<\/a>
\n Hormaz Fatakia<\/p>\n","protected":false},"excerpt":{"rendered":"

Home Market News Stock Crash: IEX shares tank 28% after market coupling approval; 5.1 crore sell orders pending The decision to implement market coupling against the report submitted by Grid-India has come as a negative development as this would mean IEX loses its business moat of being the “best platform” for price discovery. Shares of<\/p>\n","protected":false},"author":1,"featured_media":864501,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2199,112],"tags":[],"class_list":{"0":"post-864500","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crash","8":"category-stock"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/864500","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=864500"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/864500\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/864501"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=864500"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=864500"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=864500"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}