This paper aims to portray literature review on the performance of firms during post mergers and acquisitions period and find the gap areas for further studies. Based on relevant papers published between 1974 and 2015 relating to manufacturing firms, review is made on traits of M&A performance such as financial performance, human resources issues, corporate governance characteristics, ownership structure, cross-border issues, cultural factors, merger waves, business cycle, type of M&A;A deal, and type of industry of acquirer and target firm. Past studies have been classified based on financial performance of firms using the accounting based method or event study based method or combination of both. The findings from literature have shown mixed results. The results of the past studies are not convincing enough to suggest the true impact of M&A on the performance of the corporate sector. This was possibly because previous works on post M&A performance were limited to smaller sample of firms in India since M&A were not much prevalent in India. However, with an increase in the number of M&A in recent years, there is a need to reinvestigate such performance in India with a larger sample of firms. Similarly, studies are also required on performance in terms of economic profit, and performance of non-financial factors. This review may show certain aspects of M&A performance that are possibly not touched by researchers in India.