Hindustan Aeronautics Ltd. Chairman and Managing Director DK Sunil denied any problem with the Tejas Aircraft while he was speaking at World Security Summit, ANI reported. His remarks came a week after a Tejas crashed at Dubai Air show and claimed the life of an Indian Air Force Officer.
Tejas, a light combat, single-seater aircraft, is absolutely safe with the best safety records in the world. "What you saw in Dubai was an unfortunate incident. It will have no impact on the future of Tejas," Sunil said.
The pilot who died was Wing Commander Namansh Syal.
Hindustan Aeronautics Ltd. Chairman and Managing Director DK Sunil was speaking at ANI's National Security Summit. (Photo credit: ANI's X account)
Hindustan Aeronautics Ltd. Chairman and Managing Director DK Sunil was speaking at ANI's National Security Summit. (Photo credit: ANI's X account)
Two days after the Tejas Aircraft crashed, Hindustan Aeronautics put out a clarification saying that it was an isolated occurrence, which arose out of exceptional circumstances. Tejas aircraft is central to the company's financial outlook as it constitutes 44% of the order book.
During the trade session, last Monday, Hindustan Aeronautics share price plunged 8.48% to Rs 4,405.00 apiece, the lowest level since Sept 5.
Since the crash, the stock price declined 4.06%, according to data on Bloomberg.
Hindustan Aeronautics Ltd. share price rose 1.16% to Rs 4,535 apiece. It fell as much as 1.26% to Rs 4,461 apiece in the previous session.
The scrip was trading 0.96% higher at Rs 4,526.40 as of 11:07 a.m., as compared to 0.15% advance in the NSE Nifty 50 index.
Hindustan Aeronautics share price gained 1.33% in 12 months, and 8.37% on year-to-date basis. Total traded volume so far in the day stood at times its 30-day average. The relative strength index was at 40.44.
Out of 24 analysts tracking the company, 19 maintain a 'buy' rating, three recommend a 'hold' and two suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 25.7%
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