Wind turbine supplier Suzlon’s initial public offering (IPO) in 2005 was nothing short of stellar. Almost overnight, its founder and chairman, Tulsi Tanti, became one of the richest people in India. At the time, the company was the fifth largest wind energy firm in the world. Two years later, it would establish itself as a major player in the sector, acquiring its German rival REpower for $2 billion (~Rs 13,000 crore). The winds of fortune were blowing in Suzlon’s favour.
Fortune, however, is fickle. Just a year later, Suzlon would begin its rapid descent from the stratosphere to rock bottom.