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Earlier today morning, Russia overtly sent troops into Ukraine’s Donbass region. While the international political community is downplaying the action, stock markets are showing signs of fear at this escalation of hostilities.

Asian markets are all down since news of the troop movement surface, and the valuations of Indian public companies are no different.

At the day’s low (untill 10:30 AM) of 56,394.85 points, the S&P BSE Sensex registered a decline of over 1,288 points, (-2.23 percent), and the tech startups which took the initial public offering (IPO) route to go public are exhibiting the market pain with new lows.

At Rs 782.3 apiece, One 97 Communications – which operates Paytm has recorded its newest low point since November listing.

Similarly, FSN E-Commerce Ventures – which runs Nykaa – also recorded a new low at Rs 1,218.8 a piece on Tuesday. This was after the beauty commerce unicorn saw a 52-week low price of Rs 1,313 a piece on Monday. The stock still trades a little over 8 percent above its issue price of Rs 1,125 apiece at the time of the IPO.

PolicyBazaar operator – PB Fintech also joined Nykaa in recording new lows on consecutive days. While the stock stouched Rs 718.05 per share on the BSE on Monday, it fell to its new 52-week low of Rs 678.6 apiece on Tuesday. Comapred to its issue price of Rs 980 a peice, at Teusday’s low the PB Fintech stock stand corrected by little over 30 percent.

It is noteworthy that the listed tech startups are not bleeding in isolation in the midst of the Ukraine – Russia crisis. Until 10:30 AM, the BSE reported 165 stocks which touched their 52-week lows on Tuesday, while 70 stocks touched their 52-week high prices.

Monday brought some respite for Paytm shareholders, as ICICI Securities believes that the stock is undervalued and has placed a ‘buy’ rating on it. In its recent report, the broking firm believes a better valuation per share price for Paytm is Rs. 1,352 apiece, or more than 66% above the current price.

Earlier in the month, data compiled by Bloomberg also seemed to suggest that Paytm was undervalued despite their struggles since listing.