MUMBAI — Shares of Hindustan Aeronautics Limited (HAL) declined on Friday after one of its flagship aircraft, the Tejas fighter jet, crashed during a demonstration flight at the Dubai Airshow.
The jet went down while performing a low-altitude maneuver, erupting into flames upon impact. The pilot, who was part of the Indian Air Force’s display team, lost his life in the accident. The IAF has ordered a full investigation to determine whether the crash was caused by technical faults, pilot error, or external factors.
The incident immediately affected investor sentiment, with HAL’s stock dipping as traders reacted to potential scrutiny on the Tejas program. Market analysts say the company may face short-term volatility, although its long-term defence contracts remain substantial.
The crash has renewed debate over India’s indigenous fighter program, with defence experts calling for a detailed safety audit before the aircraft continues international demonstrations.
