So, part of it is the valuation, but the earnings of the companies will definitely get impacted and maybe the earnings results have not yet come out and the earnings will probably take a bit of time to start showing the tariff fallout. So, part of it is the valuation, but the earnings of the companies will definitely get impacted and maybe the earnings results have not yet come out and the earnings will probably take a bit of time to start showing the tariff fallout. Economic Times
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