AVIC Chengdu share price slips 2% after China-made MiG-21 copy F-7 crashes in Bangladesh
The crash, which occurred on Monday, left at least 27 dead — including the pilot — and injured over 170 others in one of the worst aerial disasters in Bangladesh's recent history.
At the heart of the crash was the F-7 BGI, a modernised version of China's Chengdu F-7, which traces its lineage back to the Soviet-era MiG-21 and was in mass production into the 1980s.
Deemed obsolete by international standards, the manufacturing of the J-7 ended in the 2010s. However, some international users remain, including Bangladesh. The F-7 remains a core component of Bangladesh's air fleet — largely due to its affordability and reliability for pilot training and light combat missions.
The country had purchased 57 F-7 jets from China between 1989 and 2011, a Bloomberg report said, citing the Stockholm International Peace Research Institute. That puts it as the fourth biggest buyer of the Chinese jets historically.
The Chinese aircraft have been in the spotlight this year. AVIC Chengdu Aircraft, the manufacturer of J-7 jets, also produced the J-10Cs that Pakistan used against India during the military conflict earlier in May, albeit without much success.
Snapping its four-day winning run, AVIC Chengdu Aircraft share price declined 2% to a low of 86.22 yuan in intraday today. The Chinese defence stock opened at 87.30 yuan as against its last close of 88 yuan.
So far in July, AVIC Chengdu share price is down 2% after a massive rally seen in June and May. In June, the J-7 manufacturer had jumped 14.59% building on a 30.62% rally seen in May.
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