IEX share crash: PTC India confident that unit HPX will reach 33% market share after coupling norms

PTC India Ltd., the listed entity which holds a 22% stake in unlisted HPX Ltd. spoke exclusively to CNBC-TV18 on Thursday, July 24, after the CERC approved the implementation of the market coupling norms for the Day Ahead Market from January 2026.Welcoming the move, PTC India CMD Manoj Kumar Jhawar said that this move will be beneficial as all three exchanges will have equal opportunity to service the customers. “Currently, all volumes were concentrated in IEX and this announcement will be good for the market,” Jhawar told CNBC-TV18.

Shares of IEX are trading 26% lower in response to this announcement, while those of PTC India, although off the highs of the day, ae still trading with gains of 5%.
Jhawar expressed optimism that HPX will gain market share and that the exchange, which provides good service will gain market shares. He also said that HPX is capable of price discovery and that there are no doubts on that front.

Earlier, HPX contributed only ₹10 crore to PTC India’s financials, but after the new norms take effect, Jhawar said that the extent of the contribution increasing will depend on how much market share HPX is able to gain. The PTC India CMD also said that he is confident of HPX getting up to 33.3% market share in the next 18 to 24 months.