Citi becomes No. 1 investment banker in India, earns $60 million in last 6 months: LSEG

Citigroup became the top investment banker in India in the first half of 2026 with $60 million in fees and a 9.8% wallet share, propelled by leading the M&A advisory rankings with $30.2 billion in announced deals. India's overall investment banking fee pool shrank 20% year-on-year to $614.1 million, but M&A advisory fees grew 24% to $265.0 million, while ECM underwriting fees fell 34% and DCM underwriting fees dropped 49%. India M&A deal value rose 31% year-on-year to $86.9 billion, the highest first-half total since 2022, while ECM proceeds declined 38% to $16.5 billion despite over 100 IPO listings.