The unexpected scale of the slump in India’s wind market came into sharp focus when the country’s largest crane hire business blamed it for a sharp downturn in its own fortunes.

Sanghvi Movers, which operates a fleet of 428 cranes, told its investors it had seen “a huge reduction” in the scale of turbine installations in the current 2017/18 financial year, hitting its business hard in a sector that provides the majority of its revenues.