Hindustan Aeronautics shares drop over 3 per cent

New Delhi: Shares of Hindustan Aeronautics Ltd (HAL) ended over 3 per cent lower on Monday, following the crash of a Tejas aircraft, manufactured by the aerospace behemoth, during an aerial display at the Dubai Air Show last week.

The stock tanked 8.48 per cent to Rs 4,205.25 during the day on the BSE. Later, shares of the firm recovered some of the early lost ground and ended at Rs 4,443, down 3.31 per cent from the previous close.

At the NSE, the stock dropped 4.13 per cent to hit the day’s low of Rs 4,405. It finally ended at Rs 4,445.10, down 3.26 per cent.

HAL on Friday said it was deeply saddened by the loss of life of the “courageous IAF pilot” during the aerial display at the Dubai Air Show.

Wing Commander Namansh Syal, who hailed from Himachal Pradesh, was killed on Friday after the indigenous multi-role Light Combat Aircraft (LCA), Tejas, crashed in a ball of fire during the aerial display at the Dubai Air Show.

It was the second time in 20 months that the aircraft manufactured by HAL was involved in a crash. The earlier accident occurred in Jaisalmer, Rajasthan, in March last year, but the pilot ejected safely.