Deal activity in October declined by 41 per cent to USD 2.156 billion against USD 3.651 billion in September this year, a consultancy firm's report said on Thursday.
When compared by number of deals, the overall volumes went up to 122 deals in October from 107 in the preceding September, as per the report by Grant Thornton Bharat.
Its partner Shanthi Vijetha said the deal volumes were steady, but there was an absence of big-ticket transactions in October, which led to a decline in the overall values.
The Israel-Hamas conflict can lead to challenges like rising interest rates, geopolitical instability and a possible slowdown or recession, he said, warning that the same will eventually result in tightened investor pockets and a decline in cross-border deals.
The biggest merger and acquisition deal was Reliance Retail Ventures' majority buy of Superdry's assets in the local region for USD 48 million, while the top ADIA's USD 598 investment for a 0.6 per cent stake in Reliance Retail was the top billing transaction, involving a private equity fund, the consultancy firm said.
Startups, e-commerce and information technology, and information technology-enabled services sector commanded a bulk 70 per cent share of the total volumes, it added.