IEX is among the top five losers on the BSE, falling almost 6.5% to an intraday low at Rs.143.10. Its 52-week high stands at Rs.173.30 and low at Rs.116.05.

The stock reacted to the Central Electricity Regulatory Commission (CERC) ordering Grid India to run a shadow pilot on market coupling of India's power exchanges over the next two months – IEX, Power Exchange of India (PXIL) and Hindustan Power Exchange (HPX).

CERC is firm that this will not impact the price and volume discovery in the actual real time market (RTM) and day ahead market (DAM) of the power exchanges.

This fear of market coupling had been haunting the stock since last couple weeks. Market coupling is a uniform market clearing price mechanism for buyers and sellers in all exchanges operating in an area. Under this, price discovery will happen with power getting dispatched to short-term power trading platforms including IEX among others. IEX is a market leader in terms of volumes in power trading and this market coupling could dry up volumes significantly and that’s why the stock price crashed today.