Mumbai17 hours ago
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After the crash of fighter jet Tejas at the Dubai Air Show, the shares of Hindustan Aeronautics Limited (HAL) have fallen by about 7% in 2 trading days. Today (November 24, Monday) the company’s shares fell by 3.35% i.e. Rs 154 and closed at Rs 4,440.
The stock had touched a low of ₹ 4,205.25 during trading. Earlier, the company’s shares had closed at Rs 4,595 on Friday and Rs 4,716 on Thursday.
If we talk about the last 5 days, the company’s shares have fallen by 8%. The stock has fallen 7% in one month and 11% in six months. The share gave a return of 4% in one year. The market cap of the company is Rs 3 lakh crore.
Accident has no impact on company’s business: HAL
Meanwhile, HAL said in an official filing to the stock exchange today, ‘The recent Tejas fighter aircraft accident at the Dubai Air Show is a completely isolated incident, which occurred due to some extraordinary circumstances.
We wish to assure all stakeholders that this incident has no impact on the company’s business, financial performance and future aircraft deliveries. The company is giving its full cooperation to the investigating agencies. If there is any important update on this matter in the future, we will immediately inform all concerned parties.
How the accident happened in Dubai Air Show
The aerial display was going on on the last day of the Dubai Air Show on Friday afternoon at around 2:10 pm (3.40 pm Indian time). During this time, Indian Air Force’s fighter aircraft Tejas was doing low-altitude maneuver.
Then suddenly its altitude decreased and within a few seconds the plane fell to the ground. The plane exploded and caught fire on the spot. In this accident, pilot Wing Commander Namansh Syal died on the spot.
Experts’ opinion regarding shares
Nilesh Jain of Centrum Broking said, ‘Weakness was already visible in the technical chart of the stock. Sell signal had arrived in MACD. Now this accident will further spoil the sentiment. Due to which further decline in the stock may be seen.
Meanwhile, Anuj Gupta, director of Wealth Global Research, said, ‘Right now the trend of shares is sideways. There is strong support around ₹4,350 and resistance at ₹5,000. The stock is likely to remain in this range. Therefore purchases can be made around ₹4,350.
What can happen next in shares
The stock may remain under pressure until the investigation report comes. Most experts believe that if the investigation does not reveal any major technical fault, then there is a possibility of a quick recovery in the stock.
HAL’s order book has been strong for a long time, with more than 400 Tejas orders in the pipeline. Therefore investors do not need to panic.
Statement of Air Force and HAL on the accident
The Indian Air Force issued a statement confirming the accident and talked about forming a court of inquiry, which will find out the cause of the crash. HAL also expressed grief and said that we are with the Air Force and the family of the martyred pilot.
Second major accident of Tejas in 20 months
Tejas also crashed in Jaisalmer, Rajasthan in March 2024, but then the pilots ejected safely. This is the second accident of Tejas in 20 months.
Tejas cost Rs 600 crore
