HAL shares tumble 8% after L&T, Bharat Forge get shortlisted to develop fighter jets

Shares of Hindustan Aeronautics Ltd dropped significantly after it was not shortlisted for the Advanced Multirole Combat Aircraft programme. Larsen & Toubro, Bharat Forge, and Tata Advanced Systems were selected. The winner will partner with Aeronautical Development Agency to build prototypes. This fifth-generation fighter jet is expected to be a key part of India's air combat capability from the mid-2030s.