India’s largest defence manufacturer, Hindustan Aeronautics Limited (HAL), came under pressure on Friday after an IAF Tejas fighter jet crashed during an aerial display at the Dubai Air Show, killing the pilot.

The incident triggered a sharp reaction in the markets, with HAL shares closing nearly 3% lower at ₹4,593, dragging other defence stocks as well.

According to Harshal Dasani, Business Head at INVasset PMS, the market’s response was immediate and expected. “When a frontline indigenous fighter suffers an accident on a global stage, it raises questions on reliability, export readiness and operational safety,” he said.

“Even though the government has clarified that earlier concerns about oil leakage were unrelated, the incident puts HAL under heightened scrutiny at a time when expe

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