New Delhi, Feb. 4 -- Shares of Hindustan Aeronautics (HAL) tumbled 8% to Rs.4100.15 in Wednesday's trading session following reports that the state-owned defence major was not shortlisted to develop and manufacture next-generation fighter jets under the Advanced Multirole Combat Aircraft (AMCA) programme, marking a setback for the company.

The defence stock opened at Rs.4,220 in the early morning session on Wednesday, as compared to the previous close of Rs.4,470. Soon it declined to the day's low of Rs.4100.15.

According to a report by Hindustan Times, HAL has been eliminated from the race to develop India's fifth-generation stealth fighter jet under the AMCA programme, marking the first time the state-owned aircraft manufacturer will ...