IEX share price jumped over 5% on BSE Monday amid strong buying interest, supported by robust trading volumes. IEX shares rallied as much as 5.70% to ₹139.65 apiece on the BSE.
The surge in Indian Energy Exchange share price today is supported by robust volumes. Around 1 crore equity shares of IEX changed hands on 1 December 2025, significantly higher than its one-week average trading volume 59 lakh shares and one-month average volume of 73 lakh shares.
IEX shares rallied against the backdrop of ongoing legal developments in the market coupling case. The Appellate Tribunal for Electricity (APTEL), in its order dated November 28, scheduled the next hearing for January 6, 2026, while hearing IEX’s plea against the Central Electricity Regulatory Commission’s (CERC) move to implement market coupling norms.
According to a CNBC-TV18 report, APTEL stressed the need for an early hearing before the regulations are notified and observed that it was concerned about certain allegations raised in the matter. The tribunal said that if these allegations were found to be true, they would cast a shadow on the functioning of an independent regulator.
IEX has cited a Securities and Exchange Board of India (SEBI) report alleging that certain CERC officials engaged in insider trading and made illegal gains of ₹173 crore. SEBI has reportedly connected the alleged conspiracy to trading in IEX shares.
The company has argued before APTEL that the market coupling order, which had led to a 29% single-day crash in its stock earlier, formed part of this alleged insider trading scheme and is therefore “tainted”. IEX also noted that SEBI has named the author of the coupling order.
IEX is seeking quashing of the CERC’s market coupling order and a stay on its implementation until the case is decided. The company contends that the order is arbitrary, violates principles of natural justice, disrupts a regulatory framework built over 17 years, and threatens its market share without clear benefits, the report said.
What is CERC’s Market Coupling Order?
CERC’s July decision envisages implementation of market coupling in the Day Ahead Market (DAM) by January 2026. Under this framework, different power exchanges would act as Market Coupling Operators (MCOs) on a round-robin basis, aggregating buy and sell orders across platforms to discover a uniform market clearing price. Grid India would act as a backup MCO and run pilot studies, while coupling for the real-time market would be considered later.
Analysts view the move as structurally negative for IEX, as it dilutes its advantage as the preferred platform for price discovery and could shift meaningful volumes to rival exchanges. IEX currently commands around 85% market share in the spot power market.
IEX share price is down nearly 32% from its 52-week high of ₹215.40 apiece hit on 9 June, 2025. The stock has gained 5% in one month and has declined 27% in the past six months. IEX share price has fallen 17% in one year, but has jumped 102% in the past five years.
At 11:05 AM, IEX share price was trading 5.38% higher at ₹146.85 apiece on the BSE.
