China defence stocks slump after India-Pakistan ceasefire
MUMBAI: Stock prices of defence equipment manufacturers in China witnessed selling on Tuesday following the ceasefire declared by India and Pakistan. China supplied Pakistan with fighter jets and missiles, among other defence capabilities.The sharp drop in stock prices came after these stocks galloped for a few days. In contrast, the stock prices of companies within the Dassault group from France, the makers of the Rafale fighter jets that India possesses, closed up to 0.9% higher.On Tuesday, the stock price of Avic Chengdu Aircraft, the makers of Chinese fighter jets J-10 and other models, fell over 9% during trading on the Shenzhen bourse. The stock price of Zhuzhou Hongda Electronics Corp, the makers of PL-15 and other missiles, closed 6.3% lower on the same bourse.
