The government has been keen to rein in the monopoly of the leading power exchange. Its latest salvo has rattled the stock. Separately, Zee’s Punit Goenka is in SEBI’s cross hairs.
On 8 June, the Indian Energy Exchange stock dipped 8% in the morning trade and 10% the following day. This was after the power ministry asked the power regulator to begin the process of coupling the country’s three power exchanges. The idea was to ensure that buyers and sellers realise the best price across all the exchanges.
Soon after, IEX managing director S.N. Goel, in an interview to CNBC TV18, said the move will “kill innovation and competition in the sector”.
On the face of it, by meddling with power trading—and reducing the dominance of the country’s leading power …
Surendar helps lead the newsroom at The Morning Context as executive editor. Over the years, Surendar has worked in industries from pharmaceuticals to diamonds, as well as a stint as an equity analyst. In his long career as a business journalist, he has led teams at The Times of India, India Today and Fortune India. He was part of the founding team at Forbes India and interned at and published in The Times, London.
Executive Editor
surendar@mailtmc.com
Mumbai