The Indian government is moving forward with the market coupling proposal for power exchanges, which is expected to be implemented by the end of FY25. This announcement has led to a significant decline in the shares of the Indian Energy Exchange (IEX). IEX shares dropped over 6.5% following the news and continued to fall, reaching a 12% decline to Rs 209.40 on the BSE amid heavy trading volumes. At one point, the shares tumbled 9%. The market coupling initiative aims to integrate power exchanges to enhance efficiency and transparency in the market. IEX shares extended losses for the second day on coupling fears.