A recent study highlights that 80% of Indian companies' significant foreign acquisitions have not yielded satisfactory returns for shareholders, with only two out of ten acquirers outperforming the market. Hindalco Industries, which acquired Novelis Inc for $5.7 billion in 2007, only began to see stock price gains recently, largely due to a global surge in industrial metal prices rather than the acquisition's impact. Similarly, Bharti Airtel's performance following its $10.7 billion acquisition of Zain Telecom's African operations in 2010 is attributed more to domestic market conditions than to the acquisition itself. Other major players like Tata Steel, Oil & Natural Gas Corporation, and Reliance Industries have also struggled post-acquisition, with many facing increased debt burdens due to high acquisition costs compared to their net worth. Analysts suggest that the mismatch between the capital spent and the financial returns generated is a key factor in these underwhelming results. The average acquisition cost was nearly four times the acquirer's net worth, leading to a decline in financial metrics such as return on net worth (RoNW), which is now lower than before the acquisitions. This trend raises concerns about the long-term growth potential and equity valuation of these companies.