Indian Energy Exchange shares down 7%

Indian Energy Exchange

18/01/2024 08:01

** Shares of Indian Energy Exchange Ltd  IIAN.NS  down 6.8%
at 137.25 rupees, extending losses to over 16% in the last two
sessions
    ** Stock of the power exchange fell 10.3% on Wednesday,
logged its worst day since March 2020
    ** Reuters could not immediately verify a reason for stock
movement 
    ** IIAN's 2-day loss its worst since early June, when
India's power ministry decided to go ahead with market coupling
where all exchanges will follow uniform clearing price for
electricity
    ** More than 44 mln shares traded, 2.3x 30-day avg volume
    ** Nine analysts covering IIAN rate it "sell" on avg; median
PT is 132.5 rupees - LSEG data
    ** Stock rose 20% in 2023, its smallest YTD gain since 2018


 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))