The shares of Hindustan Aeronautics (HAL) dropped nearly 9 percent in the early trading hours of November 24 after a Tejas fighter jet manufactured by the Indian PSU company crashed during a Dubai Air Show on Friday, causing the death of an IAF officer.

HAL shares fell to Rs 4,205.25 apiece on BSE in the morning trading hours of Monday, the lowest level seen by the stock in more than 7 months. The stock then recovered some losses to close more than 3 percent lower at Rs 4,443 apiece.

HAL's defence peers also fell in trade on Monday, pushing the Nifty Defence index down more than 2.5 percent to close at 7,912.80. Mishra Dhatu Nigam (Midhani) shares were the top loser on the index, falling more than 5 percent. Notably, the PSU company is a key domestic producer of superalloys, titanium, special purpose steel and other special metals, and is a supplier to HAL.
BEML, GRSE and Astra Microwave Products shares fell around 4 percent each, while Bharat Electronics (BEL) shares closed more than 3 percent lower to emerge as the top Nifty 50 loser.