US Tariffs, Market Volatility Cast Shadow on India's M&A Scene

U.S. President Donald Trump's flip-flop on reciprocal tariffs coupled with heightened market volatility is delaying major acquisitions in India as potential buyers are seeking more time for due diligence.

- DEV CHATTERJEE

Bankers say several high-profile deals, including those involving the sale of AkzoNobel India, Novartis India, and HDB Financial Services, are now on pause as buyers seek more time to navigate the valuation fog.

The turbulence stems in part from the White House's tariff tantrums, which have raised questions around supply chains, cost structures, and, crucially, valuations. While most investors regard the US tariffs as short-term political theater, the volatility they have unleashed is proving harder to shrug off. The sharp correction in Indian equities has prompted suitors to reassess the numbers or walk away altogether.