The non-performing asset (NPA) mess which hit the banking sector from 2014 has now passed on to non-banking financial companies (NBFCs); last September IL&FS's Rs 95,000 crore odd debt was downgraded then there were worries with DHFL. Earlier this year, the Essel Group debt created a scare for mutual funds and NBFCs and now it is Anil Dhirubhai Ambani Group (ADAG). The impact of these fragile four groups has been brought out in an interesting report by Ashish Gupta of Credit Suisse.