Mutual funds lose Rs 342 cr in just two sessions as bears plunder IEX shares

The biggest loser seems to be Mirae Asset Mutual Fund, which held the stock in eight of its schemes, losing Rs 176 crore worth of value – half of the value lost by the all mutual funds.

IEX has already lost a chunk of the market pie with the share down to 89-90 percent last year from 94-95 percent earlier thanks to the incentives provided by competitor exchanges.

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In just two sessions when India Energy Exchange (IEX) faced the onslaught from bears, active mutual fund scheme were left with a paper loss of Rs 342 crore as the value of their holdings dropped sharply. The shares were hammered after after the government came out with a directive to speed up the consultation process and finalise the implementation of market coupling. This will be a “big negative” for IEX, said analysts.

As of April-end, for which the data is available, mutual funds held Rs 1,948 crore worth of IEX shares as of June 7, whose value came down to Rs 1,606 crore as of June 9 after the stocks fell 8 percent and 10 percent in two days, respectively.

The biggest loser seems to be Mirae Asset Mutual Fund, which held the stock in eight of its schemes, losing Rs 176 crore worth of value – half of the value lost by the all mutual funds. This was followed by a loss of Rs 118 crore for Parag Parikh Mutual Fund. Both these asset managers lost about Rs 300 crore. PGIM Mutual Fund, losing Rs 23 crore in two days, completed the top three.

Please note that this data does not include any buying or selling that mutual fund companies may have done in June. It is also not clear if any mutual fund managers have offloaded any stake in IEX in the last two days.

We could not immediately reach these mutual fund managers.

IEX is one of the three and largest energy exchange in India providing a nationwide, automated trading platform for physical delivery of electricity, renewable energy certificates and energy saving certificates. The exchange helps in price discovery of electricity, and acts as price determiner.

The introduction of a full-fledged market coupler implies an independent third-party will collate all buy or sell bids and derive a uniform market price across all exchanges. Thus, it will take away the “moat” of IEX, which is determing the price of power, said Subhadip Mitra, an analyst with Nuvama. With rices uniform across exchange, HPX and PXIL – the other two exchanges – will likely grab market share from the leader.

Management view

IEX has already lost a chunk of the market pie with the share down to 89-90 percent last year from 94-95 percent earlier thanks to the incentives provided by competitor exchanges.

Also read: IEX investors have reason to worry even without market coupling

The IEX company management told CNBC TV-18 that it fails to understand why different exchanges within India needed to be coupled and the interpretation of market coupling is also not accurate.

“There is still time for implementation. Power market regulation insists that price discovery will happen at power exchange only. Central Electricity Regulatory Commission (CERC) will do stakeholder consultation, and the process will be long drawn. It has to decide if they want to proceed with implementation. CERC will issue a consultation paper and give our comments,” they said.

As of 11.30 am, IEX shares traded at Rs 124.75, up 1.75 percent.