India has plummeted from being one of Asia’s most lucrative markets for share offerings and mergers and acquisitions to one of the least active this year, with investment bank revenues in the country plunging to about a quarter of their levels a year earlier.

But despite the sharp falls in volume, bankers expect deal flow to revive in the coming months as India’s largest conglomerates restructure to reduce debt, and entrepreneurs, who over-supped on credit during the liquidity boom, are forced to sell out.