The fees earned by investment bankers dropped sharply during the first nine months of 2022 as smaller-sized deals dominated the activity.
According to an analysis by Refinitv, investment banking activities in India generated $668.4 million in the first nine months of 2022, down 23 per cent over the same period last year and the lowest during the same period since 2016.
The equity capital market (ECM) fee fell 46.4 per cent from a year ago at $138.4 million. The debt capital market (DCM) fee declined 10.1 per cent to $128 million. Bankers made $252.1 million through mergers & acquisition (M&A) advisory, a decline of 17.8 per cent year-on-year.