Barclays, Deutsche Bank and Citigroup lost money on currency hedging products they sold to a client for an acquisition that fell through, the latest example of the damage spread during the worst stretch for deal making in years.

Prosus, best known as the largest investor in Chinese internet giant Tencent, agreed in August 2021 to acquire India’s BillDesk, an online payments platform, for 345 billion rupees, equivalent to about $4.7bn at the time.