The number of deals has also fallen to 215 so far this year, as against 272 transactions in the comparable period of 2007, according to data compiled by global consulting major Grant Thornton's latest issue of Dealtracker.
The data further highlights the fact that, Indian companies have signed deals worth an average of less than $100 million so far in 2008, down from close to $300 million in the previous year.
However, in case of private equity deals the scenario was positive, as around 170 transaction were announced with a grand value of $6.39 billion while during the corresponding period in 2007, around 159 amounting $4.97 billion.
"The total number of M&A deals during the first five months of this year stands at 215, with an announced value of $13.66 billion as against 272 deals amounting to $42.24 billion during the corresponding period in 2007," Thornton added.
