Indian Energy Exchange (IEX) shares saw a significant surge, driven by investor optimism following sharp remarks from the Electricity Appellate Tribunal (APTEL) regarding the Central Electricity Regulatory Commission's (CERC) market coupling order. APTEL questioned the formulation process of the rules, suggesting potential flaws and undue influence. While IEX maintains the coupling framework is flawed, a favorable regulatory outcome could lead to a stock rerating, despite ongoing concerns about market dominance dilution. Analysts maintain positive ratings, citing strong fundamentals.