Mumbai: Hindustan Aeronautics Ltd (HAL) said in a stock exchange filing on Monday that the crash of its Tejas fighter jet at the Dubai Airshow was an “isolated occurrence arising out of exceptional circumstances.”
“We assure that there is no impact on business operations, financial performance and future deliveries” of the aircraft, HAL further stated.
The defence PSU also said that it was “extending full support and cooperation to agencies conducting the investigation.”
The price of HAL shares fell by nearly 9 per cent in the early trading hours on Monday following the crash of the Tejas multirole fighter jet, manufactured by the company, at the Dubai air show on Friday, in which an IAF officer also died.
The HAL stock price declined to a 7-month low of Rs 4,205.25 per share on the BSE in the morning trading hours.
The fighter jet crashed while performing low flying manoeuvres in front of a large audience on Friday afternoon and went up in flames after hitting the ground near the runway of the Al Maktoum International Airport in Dubai.
Tejas is single-engine, 4.5-generation multirole combat aircraft with a delta wing design. It is developed by the Aeronautical Development Agency (ADA) and manufactured by Hindustan Aeronautics Limited (HAL) for the Indian Air Force (IAF).
The aircraft was powered by an engine manufactured by US engineering giant GE. The American company has also offered its cooperation for the inquiry that is being carried out in the crash.
In February 2021, the defence ministry sealed a Rs 48,000 crore deal with HAL for the procurement of 83 Tejas MK-1A jets for the IAF.
In November 2023, the ministry had accorded an initial approval of an over ₹62,370 crore order to procure an additional batch of 97 Tejas jets for the IAF.
The fighter jet has been developed to carry out offensive air support, close-range combat and ground-attack missions. Designed for multi-role performance, it is capable of operating in both land and maritime environments, making it one of India’s most flexible home-grown aircraft.
The latest and most advanced version, the LCA Mk1A, features major enhancements for better combat effectiveness and survivability. It is equipped with an AESA radar, an upgraded electronic warfare suite featuring radar warning and self-protection jamming capabilities, a digital map generator, smart multifunction displays, a combined interrogator-transponder unit, and a modern radio altimeter, along with several other high-end systems that enhance its overall operational strength.
The Tejas lineup includes single-seat fighters for the Air Force and Navy, as well as twin-seat trainer variants for both services.
(IANS)
