New Delhi, March 27 -- Indian equity valuations have eased sharply down to the levels of peer regional markets, offering investors some comfort after a prolonged phase of elevated multiples.

The Nifty 50 is now trading at 19.4 times on a trailing 12-month (TTM) earnings basis, slipping below its five-year median of 22.6x and 10-year median of 22.3x-marking a marked shift down from recent peaks.

The headline index has slipped below the 20x price to earnings, or PE, mark for the first time since the Covid-led market disruption in 2020. At these levels, it is placed at a discount to markets in Taiwan, Japan, and South Korea, a Mint analysis based on data from Bloomberg showed.

The moderation follows a nearly 12% correction in the Nifty 50...