China Evergrande Group is quickly becoming the biggest financial worry in a country and is akin to Lehman Brothers crisis. Fears of a default by the real estate developer, with $300 billion in liabilities and links to myriad banks, have roiled global markets as investors assess the potential impact on the financial system and the broader economy.

India’s buoyant iron ore exports, much of which is headed to China, could also see an impact if the twin crises in China triggers an extended slowdown in the Chinese real estate market. Impact of the crisis is visible on stocks of several top Indian steel, mining and chemical companies including some of the index’s best-performing stocks like Tata Steel, Jindal Steel, SAIL, JSW Steel, Tata Chemicals, NMDC and DCW. All these companies would have had receivables from or linked to the Chinese real estate firm. This could now be in jeopardy, if Evergrande goes down.