Asian shares rallied on Wednesday as fears of a Russian invasion of Ukraine this week dissipated after Moscow indicated it was returning some troops to base from exercises, delivering investors a measure of relief.

• Ashoka Buildcon Shares Slump 3% Despite Securing Rs 410 Crore Project 
• Zydus Lifesciences Gets USFDA Nod; Stock Trades Flat
• Religare Enterprises Shares Slumped 6% on Demerger Plan 
• Natco Pharma Gets CDSCO Nod; Shares Rally 12.5%
• Lodha Developers Buys Solidrise for Rs 300 Cr; Shares Jump 1.5%

The tension between world powers over the Ukraine situation, which has developed into one of the most profound crises in East-West relations for decades, has been front-and-centre of investors’ minds.

MSCI’s broadest index of Asia-Pacific shares outside Japan surged 0.9% in early regional trade on Wednesday, playing catch-up with a rally in US and European stocks.