New Delhi, May 19 -- Listed asset management companies witnessed slower growth in fourth-quarter revenue and profit amid a broader market correction that not only dampened investor sentiment but also squeezed earnings for fund managers.

The aggregate profit after tax of India's top four listed asset managers declined 0.24% year-on-year in the March quarter, sharply lower than the 42% increase in their collective earnings a year earlier. Total revenue from operations grew 16.8% in the latest fourth quarter, slower than the 22% growth reported a year ago, showed a Mint analysis.

Growth in their equity quarterly average assets under management (QAAUM) slumped to 22% in the fourth quarter from 63% a year ago. QAAUM is the average value of e...