Investment bankers have started bearing the brunt of the slowdown in IPOs and mergers and acquisitions in India. Investment banking fees in India have declined 37.8 per cent on year-on-year basis, a report says, quoting data from Thomson Reuters. The IPO pipeline has almost fully dried up, while there has been a dip in private equity and M&A deals.

In contrast, investment banking fees have fallen only 19 per cent in the Asia-Pacific region. The fall is more in India because the market is high beta, the report adds, while cross-border volume of M&A deals has declined by 51.1 per cent from the same period last year.

Interestingly, loan syndication grew 66 per cent compared to a 69.4 per cent fall in equity capital market activity. State Bank of India topped the overall i-banking league table with 31 deals amounting to $31.3 million followed by Merrill Lynch with 18 deals worth $26.3 million.

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