Shares of Dassault Aviation, the French aerospace firm that manufactures the Rafale fighter jet, plummeted by 6% on Tuesday following dramatic claims by Pakistan that its air force had shot down multiple Indian aircraft — including three Rafale jets — amid a surge in military tensions along the Line of Control (LoC).
The sudden drop in share price reflects growing investor concern over the combat performance and survivability of one of France’s most advanced and high-profile defence exports. The Rafale jets, which India acquired under a multi-billion dollar deal signed in 2016, are considered the backbone of the Indian Air Force’s strike capabilities.
According to top Pakistani defence officials, a total of six Indian aircraft were brought down during recent engagements. The list includes three Rafales, one MiG-29, one SU-30, and a Heron drone. All were reportedly flying within Indian airspace but were targeting Pakistani positions using stand-off munitions — long-range guided weapons that allow aircraft to strike targets from a distance without crossing into enemy airspace.
“Our air force responded swiftly and decisively to Indian aggression,” said a senior Pakistani security source. “The fact that three Rafale jets were neutralized shows our readiness and the effectiveness of our air defence systems.”
While Indian authorities have only confirmed the loss of three aircraft so far, Pakistan maintains that the full toll includes six aerial assets. The claims have not been independently verified, but the news has sent shockwaves through defence markets and raised fresh questions about the combat record of the Rafale.
The incident comes amid escalating hostilities along the LoC, with both sides exchanging air and missile strikes. Dassault Aviation has not issued an official comment yet, but analysts suggest the company may face scrutiny as geopolitical tensions and battlefield outcomes begin to affect commercial defence interests.
