Rafale maker’s share price falls as JF-17 maker’s share price rises

WEB DESK: Following the Pakistan air force’s downing of five Indian aircraft, the share prices of the countries respective air craft providers rose and plunged.

The Rafale fighter jets used by the Indian air force are created by Dassault Aviation, a French company. Three of the five Indian aircrafts shot down were Rafale jets. The company’s share price fell by about 1.7 per cent on the Paris Stock Exchange on Wednesday. The day range was between €327.80 and €322.20.

India recently signed a $7.4 billion deal with France to purchase 26 Rafale fighter jets. This helped boost the share price of Dassault aviation by 9.8 per cent to €330 by May 5. It then dropped to €324.6 on May 6, and currently sits at €323.8 as of 3PM PST.

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Conversely, the share price of Chengdu Aircraft Corporation (CAC), the makers of the JF-17 Thunder and J-10 jets used by the Pakistan Air Force, rose on the Shenzhen Stock Exchange by 17.05 per cent on Wednesday, at time of closing.

The Inter-Services Public Relations Director General Lt Gen Ahmed Shariff stated that five enemy aircrafts and a drone were shot down, and that all aircrafts and assets of the Pakistan Air Force are safe. While India has not confirmed the claim, local government officials in Indian Occupied Kashmir stated that three fighter jets had crashed in the Himalayan region during the night.

Also read: Indo-Pak tensions: stocks, bonds fluctuate as finance ministry convenes emergency meeting