Tejas impact: HAL mcap slips below BEL’s for 1st time since September 2022 as stock tanks
HAL’s market value stood at Rs 2,97,604.88 crore, with the stock down 3.17 per cent at Rs 4,449.15. BEL, in comparison, was down 1.26 per cent at Rs 410.95 and commanded mcap of Rs 3,00,395.36 crore.
- Nov 24, 2025,
- Updated Nov 24, 2025 10:09 AM IST
As Hindustan Aeronautics Ltd (HAL) shares fell for the fourth straight session on Monday, the company’s market capitalisation (mcap) dropped below the Rs 3 lakh crore mark and slipped behind peer Bharat Electronics Ltd (BEL) for the first time since September 2022.
HAL’s market value stood at Rs 2,97,604.88 crore, with the stock down 3.17 per cent at Rs 4,449.15. BEL, in comparison, was down 1.26 per cent at Rs 410.95 and commanded an m-cap of Rs 3,00,395.36 crore. If the trend holds through the close, this would mark the first instance since September 5, 2022, when HAL’s m-cap (Rs 79,467.19 crore then) fell below BEL’s (Rs 79,883.70 crore on that date) on a closing basis, data compiled from AceEquity suggested.
BEL shares are up 40 per cent in 2025 so far, outperforming HAL's 7 per cent rise by a wide margin. HAL shares are down for four sessions now. A Tejas fighter jet built by HAL met with a mishap near AI Maktoum International Airport during a demonstration at the Dubai Air Show 2025.
Choice Broking said Tejas programme is highly advanced and very few countries have successfully developed an indigenous light combat aircraft of this complexity. During training periods or high-intensity demonstration flights, accidents, though rare, are a recognised operational risk. This event, it believes, should be viewed in the broader context of the programme's overall safety record, steady progress and continued delivery momentum.
"Even the most sophisticated military aircraft in the world, such as the F-35 others) have had multiple crashes during testing, training or airshow demonstrations. In this context, HAL's Tejas mishap falls within the normal envelope And, its accident ratio remains among the lowest in modern fighters. This is not alarming - it is the reality of cutting-edge military aviation. We believe that the impact on short-term sentiment is not indicative of systemic programme failure," it said.
Harshal Dasani, Business Head, INVasset PMS said the key now is the outcome of the investigation and the speed at which HAL and the defence establishment communicate technical clarity. The long-term India defence story remains intact, but near-term volatility around HAL is justified until greater transparency emerges.
As Hindustan Aeronautics Ltd (HAL) shares fell for the fourth straight session on Monday, the company’s market capitalisation (mcap) dropped below the Rs 3 lakh crore mark and slipped behind peer Bharat Electronics Ltd (BEL) for the first time since September 2022.
HAL’s market value stood at Rs 2,97,604.88 crore, with the stock down 3.17 per cent at Rs 4,449.15. BEL, in comparison, was down 1.26 per cent at Rs 410.95 and commanded an m-cap of Rs 3,00,395.36 crore. If the trend holds through the close, this would mark the first instance since September 5, 2022, when HAL’s m-cap (Rs 79,467.19 crore then) fell below BEL’s (Rs 79,883.70 crore on that date) on a closing basis, data compiled from AceEquity suggested.
BEL shares are up 40 per cent in 2025 so far, outperforming HAL's 7 per cent rise by a wide margin. HAL shares are down for four sessions now. A Tejas fighter jet built by HAL met with a mishap near AI Maktoum International Airport during a demonstration at the Dubai Air Show 2025.
Choice Broking said Tejas programme is highly advanced and very few countries have successfully developed an indigenous light combat aircraft of this complexity. During training periods or high-intensity demonstration flights, accidents, though rare, are a recognised operational risk. This event, it believes, should be viewed in the broader context of the programme's overall safety record, steady progress and continued delivery momentum.
"Even the most sophisticated military aircraft in the world, such as the F-35 others) have had multiple crashes during testing, training or airshow demonstrations. In this context, HAL's Tejas mishap falls within the normal envelope And, its accident ratio remains among the lowest in modern fighters. This is not alarming - it is the reality of cutting-edge military aviation. We believe that the impact on short-term sentiment is not indicative of systemic programme failure," it said.
Harshal Dasani, Business Head, INVasset PMS said the key now is the outcome of the investigation and the speed at which HAL and the defence establishment communicate technical clarity. The long-term India defence story remains intact, but near-term volatility around HAL is justified until greater transparency emerges.