Why iex share is falling?

The primary catalyst is regulatory uncertainty. The CERC's proposal for 'market coupling' is the key overhang. This could essentially connect all power exchanges, threatening IEX's near-monopoly status. Investors fear this will hit future growth and profitability. The stock was also trading at very high valuations. So, this negative news has triggered a sharp correction as its competitive moat is now being questioned by the market.