IL&FS in India misses three debt payments due Friday

IL&FS's outstanding debentures and commercial paper accounted for 1 per cent and 2 per cent, respectively, of India's domestic corporate debt market as of March 31

Infrastructure Leasing & Financial Services Ltd., an Indian shadow banker that defaulted on its commercial paper obligation earlier this year, missed payments again on Friday.

The company, which helped fund India’s longest tunnel, defaulted on three non-convertible notes series, it said in a filing to the stock exchange, without disclosing the value of the debt. It was also unable to meet an obligation for a letter of credit payable to IDBI Bank Ltd., the company said in a separate filing.

The mounting troubles at IL&FS have shaken confidence in the sector and rocked India’s stock markets on Friday. Investors jittery about the