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IEX shares slip 14% from 52-week high today, here's why 

IEX shares slip 14% from 52-week high today, here's why 

IEX stock crash today: The IEX stock hit an intraday low of Rs 209.40, down 12.47% against the previous close of Rs 239.25 on BSE.

Aseem Thapliyal
Aseem Thapliyal
  • Updated Sep 24, 2024 2:58 PM IST
IEX shares slip 14% from 52-week high today, here's why IEX shares are trading lower than the 5 day, 10 day, 20 day but higher than the 30 day, 50 day, 100 day, 150 day and 200 day moving averages.

IEX stock price crash today: Shares of Indian Energy Exchange (IEX) slipped over 12% today after a media report said that market coupling-or a uniform market clearing price for buyers and sellers in all exchanges operating in an area-will be implemented by the end of the current fiscal or the beginning of the next fiscal. 

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In Tuesday's trade, IEX stock hit an intraday low of Rs 209.40, down 12.47% against the previous close of Rs 239.25 on BSE. Total 40.53 lakh shares of the firm changed hands amounting to a turnover of Rs 89.59 crore on BSE. Market cap of the firm fell to Rs 19,195 crore. In the current session, IEX stock also hit a 52 week high of Rs 244.35 on BSE. The stock fell 14.30% from 52-week high today. It was the top loser on BSE in the current session.  

In terms of technicals, the relative strength index (RSI) of IEX stands at 79.8, signaling it's trading in the overbought zone. The stock has a beta of 1.4, indicating high volatility in a year. IEX shares are trading lower than the 5 day, 10 day, 20 day but higher than the 30 day, 50 day, 100 day, 150 day and 200 day moving averages.  

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According to a media report , the Power Ministry has asked the Grid Controller of India to finish the pilot study on market coupling on time. The Grid Controller of India is conducting a pilot study on market coupling under the direction of Central Electricity Regulatory Commission (CERC).

In the beginning of June 2023, IEX stock slipped 10% to hit its 52-week low after the power ministry directed Central Electricity Regulatory Commission (CERC) to implement the process of market coupling in a timely manner.  

Market coupling refers to forming of a single power trading entity owned by the government where price discovery will happen with power getting dispatched to short-term power trading platforms including IEX among others.  

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IEX, which is the market leader, has the highest volumes in terms of power trading. Market coupling will dry up volumes in a significant manner for IEX, among other power trading platforms, fear analysts. 

Indian Energy Exchange is engaged in providing an automated trading platform for the physical delivery of electricity, renewables, and certificates. It offers various trade markets, such as the electricity market, green market and certificates. The electricity market includes day-ahead market, term ahead market, real-time market and cross border electricity trade. The green market includes green term ahead market and green day-ahead market.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Published on: Sep 24, 2024 2:47 PM IST
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