Indian Energy Exchange (IEX) shares experienced significant volatility, falling sharply after the Electricity Appellate Tribunal (APTEL) deferred a hearing on market coupling regulations to January 19. The Central Electricity Regulatory Commission (CERC) issued a clarification stating its July 2025 communication should be treated as a 'direction' rather than an 'order'. IEX has petitioned APTEL to withdraw the CERC's direction, arguing it is arbitrary and could lead to market share loss without clear benefits.