'Isolated Occurrence': Tejas Maker HAL Reacts As Stocks Tank After Dubai Air Show Crash

State-run defence manufacturer Hindustan Aeronautics Ltd (HAL) on Monday sought to reassure investors after a Tejas fighter jet crashed during an aerial display at the Dubai Air Show, calling the tragedy an “isolated occurrence”.The HAL-built Light Combat Aircraft went down on Friday during a performance, killing its pilot, Wing Commander Namansh Syal. The fatal crash triggered a sharp reaction in the markets, with HAL’s stock falling over eight per cent in early trade.In a filing to the exchanges, the company said the accident stemmed from “exceptional circumstances”."We would like to bring to your attention that the recent incident during the aerial display at the Dubai Air Show is an isolated occurrence arising out of exceptional circumstances,"

HAL said.Despite the plunge in share value - which hit ₹4,205 on the BSE and dropped 4 per cent to ₹4,405 on the NSE - HAL maintained that its operations remain unaffected."We would like to assure that there is no impact on the company's business operations, financial performance or its future deliveries," the statement said.HAL added that it is cooperating fully with investigators."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 noted.The company also expressed grief over the loss of the “courageous IAF pilot” who was flying the single-seat aircraft.