The S&P/ASX 200 fell 1.1% to 7,150.8 by 2350 GMT after closing 0.2% higher in the previous session. Trading was thin due to a U.S. holiday on Monday. Russian President Vladimir Putin on Monday recognised two breakaway regions in eastern Ukraine as independent and ordered the Russian Army to launch what Moscow called a peacekeeping operation into the area, upping the ante in a crisis that could unleash a major war.
Australian technology stocks slid 3.4% to lead the drop among blue chips and were on track for a fourth straight session of losses.
Block Inc's Australian shares hit a record low, falling as much as 6.2%, and the stock was the top drag on the sub-index. Xero Ltd fell 2.9%. Financials fell 1.6%, posting their biggest intraday drop since early February, with all the so-called "Big Four" banks in negative territory.
Nanosonics, which manufactures and distributes ultrasound probe disinfectors, was the biggest loser on the benchmark after its flagged a hit to second-half revenue due to its revised sales model in North America. Shares of Coles Group hit a six-week high as the country's second-largest supermarket chain reported better-than-expected first-half profit.
Among other gainers, energy stocks advanced 0.7% as oil prices rose overnight. Sector majors Santos and Woodside Petroleum added 2.3% and 2.3%, respectively. New Zealand's benchmark S&P/NZX 50 index was down 0.2% to 12,135.65 points by 2350 GMT. ($1 = 1.3914 Australian dollars)
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