The merger and acquisition (M&A) deals in the country declined by 22 per cent last month on a year-on-year (YoY) basis, a report said on Thursday.

According to Grant Thornton’s M&A dealtracker report for October 2017, the industry’s M&A deals declined to 35 from 45 reported for the corresponding month of last year.

The report pointed out that a total of $3.77 billion worth of M&A transactions were spread across 35 deals during the month under review, whereas in October 2016, the country’s M&A activity recorded 45 deals worth $17.32 billion.

“Both domestic M&A and cross-border have been subdued this month and the reason seems to be that industry is busy dealing with the implementation issues around GST,” said Prashant Mehra, Partner at Grant Thornton India LLP.