Overview
- HAL fell over 3% in early Monday trade to around Rs 4,434 from Friday’s Rs 4,595 close as investors reacted to the Dubai crash.
- The Indian Air Force confirmed the pilot’s death in Friday’s accident and said a court of inquiry is being constituted to determine the cause.
- Tejas comprises about 44% of HAL’s orderbook, with roughly 180 aircraft on order, and reporting notes the incident could prompt inspections or delivery delays.
- CLSA maintained an ‘outperform’ rating and described the weakness as an opportunity to accumulate shares, with most analysts still positive on the stock.
- Selling extended across defence counters, with HAL, BEL and Cochin Shipyard down up to 4% and the Nifty Defence index lower by about 1.5%.