The logo of Hindustan Aeronautics Limited is seen on the facade of the company's heritage centre in Bengaluru
Credit: Reuters Photo
New Delhi: Aviation major Hindustan Aeronautics Limited, the manufacturer of Tejas Light Combat Aircraft, on Monday said that last week’s fatal crash of a Tejas LCA in Dubai was an “isolated” incident that would not impact the company’s business operations and future deliveries.
“The recent incident during the aerial display at the Dubai Air Show is an isolated occurrence arising out of exceptional circumstances,” HAL said in a statement to BSE and National Stock Exchange of India Limited.
“We would like to assure that there is no impact on the company’s business operations, financial performance or its future deliveries. The company is extending its full support and cooperation to the agencies conducting the investigation. The company will continue to keep the stakeholders informed of any material developments,” it added.
The statement comes on a day when HAL shares tumbled over 8 per cent during the morning trade in the wake of the unfortunate crash of a Tejas aircraft during an aerial display at the Dubai Air Show, killing Indian Air Force pilot Wg Cdr Namansh Syal.
The stock tanked 8.48 per cent to Rs 4,205.25 on the BSE. Later, shares of the firm recovered some of the early lost ground and were trading at Rs 4,433, down 3.53 per cent from the previous close. At the NSE, the stock dropped 4.13 per cent to hit the day's low of Rs 4,405.
The LCA crash is yet another setback for the aerospace giant which is under pressure on delivering the Tejas LCA-Mk1A to the IAF even after a long delay and operationalising the Indian Navy and Indian Coast Guard’s Dhruv Advanced Lightweight Helicopters that remain grounded for nearly 10 months.
This was the second time in two years the indigenous combat jet – which otherwise has an excellent safety record - was involved in a crash. The earlier accident occurred in Jaisalmer in Rajasthan in March last year, but the pilot had ejected safely.
"HAL is deeply saddened by the loss of the courageous IAF pilot during the aerial display at the Dubai Air Show. HAL expresses its heartfelt condolences to the bereaved family,” the company said last week.