India-focused M&A activity has reached a three-year low, falling 56.6% to $65.6bn in the first nine months of 2023, according to the India Investment Banking Review. Domestic M&A activity fell 60% to $44.1bn, while inbound M&A dropped 47% to $16.4bn. The financial sector accounted for the largest share of deal activity at 46.7%, totalling $30.6bn, down 56% from last year.