Shares of Zhuzhou Hongda Electronics Corp Ltd, the Chinese defence manufacturer behind the PL-15 missile, plunged by 6.42% (2.56 Yuan) to 37.33 Yuan on Tuesday. The sharp decline followed confirmation that India’s air defence system successfully intercepted and destroyed the missile during a recent conflict with Pakistan.

The PL-15 missile, a beyond-visual-range (BVR) air-to-air weapon used by Pakistan’s JF-17 and J-10 fighter jets, failed to penetrate India’s multi-layered air defence network. This has sparked concerns over the real-world effectiveness of Chinese missile technology and appears to have shaken investor confidence in Zhuzhou Hongda.

Over the past month, the company’s stock has dropped by 7.37% or 2.97 Yuan, despite a brief five-day rally of 7.58%.

The interception occurred during a series of air attacks launched by Pakistan on the night of May 9 and 10. These attacks targeted Indian Air Force bases and military installations using advanced Chinese PL-15 missiles and Turkish Byker YIHA III kamikaze drones. However, Indian defence forces successfully neutralised all threats.

India’s Director General of Air Operations, Air Marshal A.K. Bharti, showcased images of the destroyed missiles and drones, attributing the success to indigenous systems like the ‘Akash’ air defence system. He praised India’s growing self-reliance in defence, noting that the Akash system, supported by older platforms like Pichora and advanced systems including MANPADS and short-range missiles, helped form a seamless defence under the Integrated Air Command and Control System.

The Turkish-made Byker YIHA III drone, designed for low-altitude and high-speed strikes with high-explosive payloads, was also intercepted before reaching its target near Amritsar.

Lieutenant General Rajiv Ghai, Director General of Military Operations, described the combined coordination between the Indian Army, Air Force, and Navy as “measured and impenetrable.” He stated that during the May 9-10 attacks, not a single drone from the Pakistan Air Force managed to breach India’s airspace.