For Asia equity investors in search of volatility, there’s no need to buy U.S. pot stocks. India has its own wild ride, Bloomberg News reported. The turmoil in India’s non-bank finance firms has triggered swings in the nation’s stock market that make the recent moves in U.S. pot-related shares look like a walk on the grass. Volatility in the S&P BSE Finance Index has soared to the highest level in almost two years, with stocks such as Dewan Housing Finance Corp. fluctuating an average 26 percent in the past three sessions, more than the 19 percent move in Tilray Inc.

A creditor is seeking to push India’s troubled Infrastructure Leasing & Financial Services Ltd. into insolvency, risking regulators’ efforts to calm financial markets and the group’s attempts to independently restructure its borrowings, Bloomberg News reported. Small Industries Development Bank of India on Tuesday filed an insolvency application against IL&FS and its unit at the National Company Law Tribunal in Mumbai, people familiar with the matter said. Separately, IL&FS’s biggest shareholder, Life Insurance Corp.

India’s finance ministry wants the central bank to consider more steps to improve liquidity in the system, including reducing the amount of funds banks must set aside with it, a senior ministry official said on Tuesday, amid a bubbling credit crunch in the Indian shadow banking industry, Reuters reported. The Reserve Bank of India (RBI) could also explore buying more bonds from the open market and open a special window for mutual funds to inject liquidity, the official told reporters.

Indian authorities vowed to support financial markets rocked by growing concerns of defaults by shadow banks, Bloomberg News reported. The government will provide adequate liquidity to mutual funds and non-bank financial companies, Finance Minister Arun Jaitley said on Monday. His tweet followed a rare joint weekend statement from the central bank and capital markets regulator assuring investors they were monitoring the situation and would take necessary steps.

Indian authorities are battling to contain growing fears of contagion from a major infrastructure lender struggling to service debts of $12.6bn, which has driven a sell-off of stocks in the country's huge non-bank financial sector, the Financial Times reported. The benchmark Nifty index declined 1.5 per cent on Monday for its fifth consecutive daily fall, with non-bank lenders among the biggest losers. The selling has reflected concerns about recent loan defaults by Infrastructure Leasing & Financial Services, one of the sector’s biggest companies.

Infrastructure Leasing & Financial Services Ltd., an Indian conglomerate that has missed payment on more than five of its obligations since August, is seeking to raise more than 300 billion rupees ($4.2 billion) selling assets to cut debt, according to an internal memo seen by Bloomberg.

The turmoil in India’s non-bank finance companies is deepening, with a troubled lender disclosing further missed debt payments late on Friday and panic seeping into what has been Asia’s best-performing stock market, Bloomberg News reported. The benchmark equity index had its wildest intraday move in more than four years before closing with a 0.8 percent loss on Friday as investors remained jittery about the nation’s financial shares after a recent default by Infrastructure Leasing & Financial Services Ltd. A measure of investor anxiety surged to its highest level in more than four months.

One of India’s most acquisitive companies is buying up cement kilns across the country, going from big to bigger. It’s got the right plan, but who’s buying the cement and actually building? Ultratech Cement Ltd. is one of the world’s biggest cement manufacturers, with the capacity to put out 90 million tons a year from plants sprinkled across India, Bloomberg News reported. It purchased distressed assets from Jaiprakash Associates Ltd. and is battling to buy even more out of bankruptcy. Ultratech is taking a smart tack in India’s fragmented cement industry: consolidation.

Indian billionaire Rana Kapoor is being forced from the helm of Yes Bank, the lender he has led since founding it in 2004, as regulators tighten their oversight of the Indian financial sector, the Financial Times reported. The board of Yes Bank, the country’s fourth-largest private-sector bank by assets, had proposed that Mr Kapoor’s term as chief be extended until the end of August 2021. But the Reserve Bank of India has decided that Mr Kapoor, 61, may stay only until the end of January 2019, Yes Bank said in a stock exchange announcement, without giving further details.

One of India’s key shadow banks is in trouble. IL&FS Group, a vast conglomerate that funds infrastructure projects across the world’s fastest-growing major economy, sent shock waves through credit markets when it missed several debt repayments, Bloomberg News reported. That’s causing concern among the myriad investors, including private individuals, who had regarded the group’s debt as rock-solid.