On Friday, a Tejas fighter jet crashed in a ball of fire in front of horrified spectators during an aerial display at the Dubai Airshow. The Indian Air Force has said it will set up a court of inquiry to investigate the cause.

State-owned Hindustan Aeronautics manufactures the aircraft, which is powered by General Electric engines. Both companies have said they will support the investigation.

Tejas, which means brilliance in Sanskrit, is seen as crucial for India’s efforts to modernise its air force fleet of mainly Russian and ex-Soviet fighters.

The crash, which killed the pilot, dampens New Delhi’s hopes of exporting the home-built jet and leaves it reliant on Indian military orders to sustain its role as a showcase of domestic defence technology.

Such a public loss could overshadow India’s efforts to establish the jet abroad after a painstaking development over four decades, experts have said.

Hindustan Aeronautics said on Monday that the crash will not affect its business operations, financials or future deliveries.

Shares of the company, which were trading 3% lower since morning, were unchanged after the statement.