IEX shares drop 15% as upcoming market coupling reforms threaten its dominance in India’s electricity price discovery market.

• New model from January allows rival exchanges to set prices, ending IEX’s central role in spot electricity trading.
• Bernstein slashes IEX target price to ₹122, warns of significant market share loss under new competitive regime.
• Stock logs worst single-day fall since 2017 listing, now down seven straight sessions despite "buy" consensus.