Tejas fighter crash: HAL shares drop almost 9%; here’s what analysts say
The Tejas aircraft is produced by HAL under India’s domestic light combat aircraft initiative.Nilesh Jain, Head Vice President, Equity Research, Technical and Derivatives at Centrum Broking, says, “Yes, it may have a sentimental impact.
It’s like adding fuel into the fire, because the structure has already turned negative with a sell crossover on MACD and now this news will have some negative impact.”
Anuj Gupta, Director at Ya Wealth Global Research, told ET: “It corrected this week by 2.85%, although from the last two months it corrected by 3.20%.
Overall, the trend of HAL is looking sideways.
It has strong support at the Rs 4,350 levels and resistance at the Rs 5,000 levels.
Very range-bound momentum is expected in the coming time, however, as the trend of HAL is sideways to up, we are recommending a ‘buy’ on support levels in HAL.“The Indian Air Force reported that a Tejas aircraft crashed at about 2:10 p.m.
local time on Friday during an air show, resulting in the pilot’s death.
The deceased pilot was identified as Wing Commander Namansh Syal.Television footage captured the aircraft suddenly losing altitude after performing a low-level manoeuvre, before crashing into the ground within seconds and erupting into flames.The Indian Air Force confirmed the accident through an official statement and announced the formation of a court of inquiry to investigate the crash circumstances.The official statement read: “An IAF Tejas aircraft met with an accident during an aerial display at Dubai Air Show today.
The pilot sustained fatal injuries in the accident.
IAF deeply regrets the loss of life and stands firmly with the bereaved family in this time of grief.”HAL subsequently released a statement conveying their sympathies, stating they were “deeply saddened by the loss of the courageous IAF pilot.” The organisation expressed solidarity with the Indian Air Force and the pilot’s family.
The aircraft was showcasing India’s defence capabilities at this international exhibition.
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