Amarchand Mangaldas has reported the most M&A activity among Indian law firms this year, according to data provider mergermarket’s Q1-Q3 rankings.

AZB & Partners dropped off data provider Merger Market’s half-yearly (H1) M&A league table despite reporting 21 deals – the highest among India’s top ten law firms.

AZB & Partners did the greatest number of deals (13) in the first quarter of this year, according to the mergermarket M&A deal rankings.

AZB & Partners and Amarchand Mangaldas have advised on a majority of M&A mandates out of 26India-related transactions in November, according to data aggregated by mergermarket.

For the first time this year, Desai & Diwanji and Khaitan & Co are leading the third quarter Indian M&A rankings both by value and volume of deals, pushing Amarchand Mangaldas two places down mergermarket’s value league table compared to three months ago.

AZB, DSK and Trilegal have done well in Asia Pacific private equity deal rankings despite heavily depressed values and volumes this year.

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The 2009-10 Union Budget received a frosty reaction from the business community this week: investors reacted by selling and lawyers reacted by doing what they do best: threatening to file law suits and, err, going on strike.

Despite meagre pickings, Desai & Diwanji, Khaitan & Co, AZB & Partners and Amarchand Mangaldas have topped an M&A league table, together advising on 30 Indian deals worth a total of $9.4bn in the last six months.