New Delhi, May 15
Chinese defence firm Avic Chengdu Aircraft, the maker of J-10 fighter jets which were used by Pakistan against India during the conflict, has seen its share price crashing almost 12 per cent.
The sharp drop in its stock came after the Prime Minister Narendra Modi’s speech upon the successful completion of ‘Operation Sindoor’ which resulted in a decisive victory for India.
Shares of Chinese defence companies faced a heavy selloff this week while Indian defence sector stocks surged.
From Monday's close of 95.86 yuan per share levels, Avic Chengdu Aircraft stock has declined by over 11.50 per cent.
On Thursday, the Chinese defence company’s stock was trading at 85.20 yuan per share after touching an intra-day low of 85, over 11.50 per cent dip in three successive days.
Earlier, the shares of Zhuzhou Hongda Electronics Corp Ltd, the Chinese defence company that manufactures the PL-15 missile, dropped sharply, after India's air defence system successfully intercepted and destroyed the missile during the conflict with Pakistan.
The stock plunge came after Indian defence forces confirmed that the PL-15 missile, supplied to Pakistan by China, failed to penetrate the country's multi-layered air defence system.
The PL-15, a beyond-visual-range (BVR) air-to-air missile used by Pakistan’s JF-17 and J-10 fighter jets, was neutralised by indigenous defence systems.