New Delhi: The shares of Zhuzhou Hongda Electronics Corp Ltd, the Chinese defence company that manufactures the PL-15 missile, dropped sharply by 6.42 per cent or 2.56 Yuan to 37.33 Yuan on Tuesday, after India's air defence system successfully intercepted and destroyed the missile during the conflict with Pakistan.

Over the past month, the company’s shares have declined by 7.37 per cent, or 2.97 Yuan. However, the stock showed a brief 5-day recovery of 7.58 per cent.

The stock plunge came after Indian defence forces confirmed that the PL-15 missile, supplied to Pakistan by China, failed to penetrate the country's multi-layered air defence system. On the night of May 9 and 10, Pakistan launched a series of air attacks targeting Indian Air Force bases and military facilities using advanced weaponry, including the Chinese PL-15 missile and Turkish-made Byker YIHA III kamikaze drones. However, India’s air defence successfully intercepted all threats.