There’s trouble brewing in the infrastructure sector. IL&FS, or Infrastructure Leasing & Financial Services Ltd, one of India’s key shadow banks, is facing something of an existential threat.

As we noted in an earlier report, Moody’s said the company is credit negative for banks and debt market in India. Yesterday, on our Story of the Day, we spoke about the terror of a contagion in the markets, and also discussed the events of Freaky Friday.

We did devote considerable time to understanding what the IL&FS story in relation to the events of last Friday were. But we must dig deeper to examine the story of IL&FS, and that is what we will do on this edition of Digging Deeper.