In the developed world, market panic is a function of reset in interest rates. Not so long ago, interest rates were near zero, with more than $17 trillion of debt securities having zero or negative coupon. Their markets are getting adjusted to the fact that interest rates can remain higher and for a longer period of time. In the European context, some of the uncertainty could be linked to the Russia-Ukraine situation as well. In the Indian context, we were trading at around our average historical valuations.