News digest: India's richest promoters, IL&FS mess, Sensex falls, and more

Mukesh Ambani's net worth crosses Rs 3 trillion, Radhakishan Damani sees most increase in wealth

India Inc promoters lose Rs 1.7 trillion, but a rich year for tycoons still

Year 2018 has not been great for promoters of India Inc because their combined wealth declined 6 per cent after two years of double-digit growth in net worth. Read more

Sensex slumps 689 points amid global sell-off following Fed rate hike

The domestic stock market fell sharply on Friday amid losses across global equities, after an increase in interest rates by the US Federal Reserve, despite a worsening economic outlook, hurt risk appetite. Read more

Govt moves to re-open IL&FS group's balance sheets for suspected corruption

The corporate affairs ministry on Thursday moved the National Company Law Tribunal (NCLT) seeking to reopen the books of debt-ridden IL&FS Group and its subsidiaries for the past five years to probe financial mismanagement. Read more

OYO in talks to acquire nearest rival Treebo Hotels in budget hotel sector

SoftBank-funded start-up OYO, the largest Indian hotel brand by the number of rooms, is in talks to acquire Treebo Hotels, its nearest rival in the domestic budget hotel space. Read more

Govt's 'snooping' order sets off political storm, rocks Parliament

The Narendra Modi government’s late night order authorising 10 central agencies to intercept, monitor and decrypt information contained in “any” computer system rocked Parliament on Friday. Read more