IEX shares rebound 12% after biggest fall on record; stock remains in F&O ban

Shares of Indian Energy Exchange Ltd. (IEX) jumped 12% on Friday, July 25, hitting the upper circuit at ₹145.65. The stock remains under the F&O ban, which means no new positions can be created.

This rebound comes a day after IEX shares plunged as much as 30% on July 24, following a negative development related to market coupling norms, a long-standing overhang on the stock.

The stock also was heavily traded during the fall on Thursday. IEX's volumes

on Thursday, were higher than all 16 trading sessions of the month of July so far put together.

IEX had 12.77 crore shares traded on Thursday, which is higher than the 11.13 crore shares that have been traded cumulatively in July so far.

IEX shares worth ₹1,740 crore changed hands on Thursday and more than 43.75% of the total number of shares traded on the NSE, were marked for delivery.

Interestingly, volume activity in IEX had begun to heighten ahead of the announcement on Wednesday evening. The three sessions prior to Thursday, saw volumes of 78 lakh, 97 lakh and 92 lakh respectively, compared to the average volume of the 10 prior sessions, which stood at 61 lakh.

Thursday's drop was also the biggest on record for IEX, with the stock declining to a 52-week low.

IEX reported its quarterly results as well after market hours on Thursday, where revenue went up by 14.7% from last year, while earnings before tax grew by 16%.

In response to the market coupling norms, the company said that it is currently undertaking a detailed impact assessment of the implications of this regulatory change and will keep the stakeholders informed of any further developments.

The management of IEX will be speaking to CNBC-TV18 on all of these aspects at 9:50 am today.