HAL Share Price LIVE: Stocks falls 3% after Indian Tejas Fighter Crashes at Dubai Air Show

Choice Institutional Equities says HAL mishap within normal risk envelope; maintains BUY call

Choice Institutional Equities noted that the Tejas crash at the Dubai Air Show appears to be linked to a Negative-G manoeuvre, based on initial expert assessment. The IAF has ordered a Court of Inquiry to determine the exact cause.

The brokerage emphasised that such accidents, while unfortunate, fall within the normal operational risk of high-performance fighter aircraft, a category in which even global platforms like the F-35, Rafale, Gripen, and others have reported multiple non-combat crashes. HAL’s Tejas programme, it said, still maintains one of the lowest accident ratios among modern fighters.

Choice added that the incident does not indicate any structural issues with the Tejas programme, and expects HAL’s fundamentals to remain strong, supported by steady execution and clear visibility on domestic orders, especially the ramp-up of Tejas Mk1A production.

While acknowledging a temporary sentiment setback, particularly for exports, the brokerage believes the medium-term focus remains on domestic deliveries, with concerns expected to normalise over time.

Choice Institutional Equities maintained its BUY rating on HAL with a target price of ₹5,570, implying an expected share price return of 21 per cent and a potential upside of 22 per cent from the current price of ₹4,595.

Defence stocks deep in red; HAL down over 3%

Most defence stocks traded sharply lower by mid-morning. HAL led the declines, falling 3.44 per cent to ₹4,437.10. GRSE (–2.96 per cent), MIDHANI (–2.83 per cent), ASTRAMICRO (–2.46 per cent), BEML (–2.43 per cent), ZEN Technologies (–2.36 per cent), and Paras Defence (–2.16 per cent) were among the biggest losers.

Cochin Shipyard dropped 2.07 per cent, Data Patterns 1.86 per cent, Solar Industries 1.72 per cent, BEL 1.51 per cent, and BDL 1.48 per cent. MAZDOCK, DYNAMATECH, UNIMECH, and CYIENTDLM also slipped over 1 per cent each. Bharat Forge was the lone gainer, up 1.11 per cent at ₹1,425.80.

Defence Index slides nearly 2% amid HAL-led weakness

The Nifty India Defence index fell 1.69 per cent to 7,978.95 by 10.20 am, extending losses after the Tejas crash impacted sentiment across defence counters. The index opened at 8,039.95 and hit an intraday low of 7,964.50.

Only one stock advanced, while 17 declined, reflecting broad weakness. The index has now dropped 3.76 per cent in the last week, though it remains up 21.98 per cent YTD and 31.63 per cent over the past year.

HAL shares drop over 3% after Tejas crash at Dubai Air Show

Hindustan Aeronautics Ltd (HAL) shares fell over 3 per cent on Monday after a Tejas fighter jet crashed during an aerial display at the Dubai Air Show on November 21, resulting in the death of an IAF officer. The stock opened at ₹4,425, its lowest level in more than 10 weeks, and continued to trade weak as sentiment turned negative following the incident.