Shares of Indian Energy Exchange Ltd. (IEX) have seen a sharp uptick in late trade as Appellate Tribunal for Electricity (APTEL) resumed its critical hearing on the controversial market coupling mandate.
The stock is currently trading at Rs Rs 147, accounting for gains of 10% compared to Monday's closing price of Rs 134.
The sharp uptick in the stock price comes amidst aggressive arguments from IEX's legal counsel, who raised serious procedural objections regarding a key report submitted by Power Grid.
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During the proceedings, the counsel of IEX argued that a pivotal report, reportedly submitted by Power Grid in the first few weeks of January 2025, has still not been made available to the exchange.
"The report has not been given to us yet," the lawyer contended, highlighting that the Power Grid report was allegedly based on 'historical data' and questioned the rational behind the Central Electricity Regulatory Commission's (CERC) decision to push ahead with market coupling without clear, current justifications
"There should have been some data on why the commission decided to go ahead with market coupling," the lawyer argued.
Market coupling would necessitate a single clearing price across all power exchanges, a structural shift that investors would erode IEX's dominance in the market. The exchange currently commands nearly 85% of the market share.
Adding to the positive sentiment, IEX released a robust business update for the third quarter of FY26 earlier in the day.
The exchange reported a total electricity traded volume of 34.08 billion units, marking a nearly 12% year-on-year increase.
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