Indian Energy Exchange has issued an official clarification to BSE Limited regarding the sharp 14% intraday surge in its share price, stating the movement was "market driven" following the resumption of APTEL hearing on CERC's controversial market coupling mandate. The company's shares jumped to an intraday high of ₹153.35 as the Appellate Tribunal for Electricity resumed proceedings on the market coupling case.

Official BSE Regulatory Disclosure

In response to BSE's surveillance inquiry dated January 06, 2026, Indian Energy Exchange provided a comprehensive clarification under Regulation 30 of SEBI listing requirements. The company confirmed it has no unpublished price sensitive information (UPSI) that requires disclosure under SEBI regulations.

"This is to confirm that the company is not aware of any information or event that has not been disclosed to the Stock Exchanges, and which could explain the movement in the trading," the company stated. The management emphasized that the share price movement appears to be market-driven based on publicly available information regarding the APTEL hearing.

IEX Raises Procedural Objections in Court

During the APTEL proceedings, Indian Energy Exchange's legal counsel raised serious procedural objections regarding a key report submitted by Power Grid Corp. The exchange's lawyer 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 counsel contended, highlighting that the Power Grid report was allegedly based on 'historical data' and questioning the rationale behind CERC's 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 Impact Concerns

Market coupling would necessitate a single clearing price across all power exchanges, a structural shift that investors believe could erode IEX's market dominance. The exchange currently commands nearly 85% of the electricity trading market share, making the regulatory outcome crucial for its competitive positioning.

The ongoing legal proceedings involve Indian Energy Exchange's petition challenging CERC's Suo-Motu Order dated July 23, 2025, pertaining to market coupling implementation. The case reference relates to the petition challenging this regulatory directive.

Strong Q3 FY26 Business Performance

Adding to the positive market sentiment, Indian Energy Exchange released a robust business update for the third quarter earlier in the day. The country's leading electricity trading platform recorded strong growth across key operational metrics.

The third quarter witnessed improved supply conditions from enhanced hydro sources, increased wind power generation, and steady coal-based power generation, contributing to significant price reductions while maintaining healthy trading volumes despite regulatory uncertainties.

Indian Energy Exchange Limited executed a significant block trade on the National Stock Exchange (NSE), marking notable institutional activity in the energy trading platform's shares.

Block Trade Details

The transaction details highlight the scale of institutional interest in the company:

Market Significance

Block trades represent large-volume transactions that are typically executed by institutional investors outside the regular market mechanism. These transactions often indicate strategic investment decisions and can reflect institutional confidence or portfolio rebalancing activities.

The execution of this substantial block trade demonstrates continued institutional interest in Indian Energy Exchange, which operates as a key platform for energy trading in India. Such large-volume transactions are significant market events that often attract attention from market participants and analysts.

Transaction Impact

The block trade involving over 1.27 million shares represents a considerable volume transaction for the company. At ₹147.81 per share, the transaction reflects the current market valuation and institutional appetite for the energy exchange platform's equity.

Block trades are typically pre-negotiated transactions between large investors and are executed to minimize market impact while facilitating substantial position changes. The completion of this ₹18.88 crore transaction indicates successful execution of what appears to be a significant institutional investment decision.