A wind farm near Tonk Khurd, India in September.
Photographer: Aparna Jayakumar/BloombergA Reckoning for Renewables
A 10,000% Indian Stock Rally Plunges on Shaky Green Claims
EKI Energy insists its products help companies shrink their carbon footprint. A growing consensus says most of them don’t.
EKI Energy Services, a prosaic-sounding firm in a niche corner of the energy market, was looking to raise just a couple of million dollars in its initial public offering on the Bombay Stock Exchange last year.
But soon after the IPO, the company’s shares shot up 10,000%, taking the valuation of the company from about $10 million to $1 billion. By December, it was the year’s best-performing stock in India’s broadest index, making its founder a millionaire hundreds of times over.