IEX shares fall 11% from highs; next hearing in APTEL on January 19

Shares of IEX are witnessing extreme swings on Friday, January 9, as the Electricity Appellate Tribunal (APTEL) has now decided on January 19 as the next date for hearing the market coupling case.

The stock, which traded with gains of 6% before the hearing, fell over 12% from the highs to trade with losses of over 4%, before recovering all of those losses and return to positive territory.

Ahead of the hearing, the CERC issued a circular, stating that the July 2025 order, should be treated as a "direction" and not an "order."

At the start of the hearing, APTEL has sought clarity from the CERC on the withdrawal of the coupling order to which the CERC lawyer has sought more time to respond on withdrawing the order.

APTEL has observed that the CERC has to work as an independent body and rise above suspension. The tribunal also said that it will be holding an enquiry if there is anything amiss within the regulator and if something has been done to address the issue.

The tribunal also urged the CERC to show some urgency in getting its house in order.

IEX has told APTEL that a corrigendum has been issued by the CERC to turn the coupling order into a direction, adding that it is strange that an order has been passed retrospectively, when the case is still pending.

The CERC gone on to tell APTEL that they are not proceeding on market coupling without regulation making and that they are not even at the stage of the draft regulations being issued.

To this, APTEL said that that once regulations are made, the exchange can always challenge the regulations in case of concerns. IEX has told APTEL that the CERC does not need coupling orders to make regulations and that the order must go.

Shares of IEX are currently trading 3% lower at ₹145.78.

This is breaking news. Will be updated with more.