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Indian Energy Exchange shares dropped on Friday towards their 52-week low after the company's trading volumes declined 13 percent for the month of October. Compared to last month, trading volumes declined 2 percent.

A drop in renewable energy certificate trading on the platform hurt the company's volume performance on a month-on-month basis. Year-on-Year, volumes declined owing to a high base.

The company also said that availability of coal eased supply-side constraints during October. Supply-side easing has meant that more domestic coal is hitting the market than before.

On the other hand, average clearing price in October more than halved compared to the same month last year. In comparison to September, prices dropped 32 percent. The management believes that better availability of coal is likely to further drag prices lower.

IEX also expects a drop in demand as the winter months set in across the country. For October, the company had a 95 percent market share.

Last month, the company's net profit dropped nearly 7 percent year-on-year to Rs 71.20 crore for the September quarter.

Shares of IEX ended 1.6 percent lower at Rs 141.70. The stock is down 45 percent this year

(Edited by : Rukmani Krishna)

First Published:Nov 4, 2022 5:35 PM IST