 "Smoke billows out after a fighter jet Tejas of the Indian Air Force crashed during an aerial display at the Dubai Air Show. PTI")
Hindustan Aeronautics Limited (HAL) on Monday issued a fresh statement following the fatal crash of a Tejas fighter jet during an aerial display at the Dubai Air Show, calling the incident “isolated” and downplaying any larger business impact.
The company said it “would like to assure that there is no impact on the Company’s business operations, financial performance or its future deliveries.” HAL added that it is extending “full support and cooperation to the agencies conducting the investigation,” and promised to keep all stakeholders “informed of any development.”
The Tejas, an indigenously built light combat aircraft, went down in a fiery crash on November 21 at Al Maktoum International Airport while performing a low-altitude aerial display, killing the pilot Namansh Syal . Videos from the show captured the jet suddenly losing altitude and plunging into the ground, followed by a massive fireball and thick black smoke.
The UAE Ministry of Defence confirmed the crash. In India, the Air Force said it has launched a court of inquiry to determine the cause of the accident. Some defence experts have suggested the plane may have suffered a “G-force blackout”—a loss of consciousness due to intense gravitational forces during high-G maneuvers.
Also read | Tejas crash in Dubai: Who was IAF Wing Commander Namansh Syal, the pilot India lost?
Investors have reacted strongly to this mishap. HAL’s share price tumbled by up to 9%, dropping as low as Rs 4,205 on the BSE, amid concerns over reputational damage and the possible impact on exports. By mid-session, the stock had recovered partially but was still down roughly 3.6%, trading around Rs 4,430.
Market analysts called the reaction “largely sentiment-driven.” Some said that unless the investigation reveals a major technical flaw, HAL’s strong order book—including large pending orders for Tejas Mk-1A jets—could help the company rebound.