Financial implications of fintech acquisitions in India: a study on shareholder returns and acquisition dynamics

Manoj Panda, Pankaj Sharma and Dipasha Sharma

Afro-Asian Journal of Finance and Accounting, 2026, vol. 16, issue 2, 245-276

Abstract: While there has been a rapid growth in acquisitions of fintech firms in India, limited studies have explored the impact of these acquisitions for investors. Therefore, this research examines the impact of fintech acquisition on short-term gain to shareholders of acquiring firms in India. The study employs event study method using a sample of 155 listed acquiring firms taken from Bloomberg for the period 2010 to 2023.The research findings reveals that while there is a marginal gain on the event day, the cumulative return is predominantly negative throughout event window. The multivariate analysis shows favourable return for 61 days event window, with cash payment in acquisition of domestic unlisted firms. These findings offer valuable insights for stakeholders involved in acquisition decisions, emphasising the need for thorough evaluation and strategic planning to maximise shareholder value. Despite these valuable insights, the ever-evolving nature of fintech acquisitions in India and the constraints imposed by the sample size may limit the study's broader applicability.

Keywords: fintech; mergers and acquisitions; M%A; event study; market efficiency; India. (search for similar items in EconPapers)
Date: 2026
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