IEX Share Price Crash: Retail shareholding has dropped for five straight quarters but MFs keep buying

Shares of Indian Energy Exchange Ltd. (IEX) are down 10% on Thursday, July 24, after the CERC approved market coupling norms, which will be implemented from January 2026.

The back and forth over the market coupling implementation has been a key overhang for IEX for a long period of time. So did this overhang prompt retail shareholders to trim their stake before any negative developments took place?

According to the shareholding pattern of IEX on the Bombay Stock Exchange (BSE), the company currently has 13.59 lakh retail shareholders, or those with an authorised share capital of up to ₹2 lakh.
That figure, at the end of the March 2024 quarter stood at 15.7 lakh. In percentage terms, the retail shareholding in IEX has declined from 39.25% in March 2024 to 29.42% at the end of June 2025.
QuarterRetail ShareholdingRetail Holding In %March 202415.7 Lakh39.25June 202414.85 Lakh34.45September 202414.44 Lakh29.99December 202414.11 Lakh29.09March 202513.85 Lakh28.09June 202513.59 Lakh29.42
On the flip side, India’s domestic mutual funds have continued to remain buyers in IEX, even though they too trimmed some of their stake in the company during the April-June quarter.

From the 20.92% stake that they owned at the end of the March 2024 quarter, Mutual Funds now own 27.83% stake in IEX, although that number is down from the 28.14% stake they held at the end of the March 2025 quarter.

QuarterMF Shareholding In %March 202420.92June 202424.23September 202424.82December 202426.62March 202528.14June 202527.83
Foreign Portfolio Institutions (FPIs) too have increased their stake in IEX from just over 10% in March 2024, to 18.5% at the end of the June quarter. Massachusetts Institutes of Technology is a key shareholder here, with a 1.63% stake.

Prominent institutions who own stake in IEX, include ICICI Prudential MF (4.73%), SBI MF (9.57%), Mirae Asset MF (2.35%), and PPFAS MF (5.06%).

Shares of IEX remain locked in a 10% lower circuit at ₹169.1.

Also Read: Stock Crash: IEX shares tank 10% after market coupling approval; 4.1 crore sell orders pending