The IL&FS soap opera has now created more drama; this time for Zee

The implosion of the highly rated lender raised financing costs for everyone who had borrowed short-term funds to invest in long-term assets such as roads, power stations, waste-management plants

The opportunity to own the largest broadcaster in a consumer market of 1.3 billion people doesn’t arrive all that often; even more rarely does it come after a single-day 26 per cent rout in the stock.

The special situation has arisen because of Indian infrastructure financier-operator IL&FS Group’s sudden $12.8 billion bankruptcy. Analysts who believed the tremors would reach other shadow-banking entities like Dewan Housing Finance Ltd. were half right. Yes, Dewan’s loan disbursements fell 95 per cent from a year earlier in the December quarter amid pressure on the mortgage lender to deleverage. But the shock waves have now