Pakistan Downs Two Indian Jets, Pilot Arrested, Army Says

(Bloomberg) -- Pakistani fighter jets shot down two Indian aircraft on Wednesday, according to a military spokesman, in a dramatic escalation just one day after the Indian Air Force bombed a terrorist training camp inside Pakistan.

Pakistan’s air force "shot down two Indian aircraft inside Pakistani airspace," said military spokesman Asif Ghafoor. One of the aircraft fell inside Pakistan-controlled Kashmir, and the other crashed on India’s side of the Line of Control. An Indian pilot ejected over Pakistani territory and was arrested, he said.

Pakistan’s air force struck at targets inside Indian-controlled Kashmir on Wednesday, but did so from their own airspace, according to a separate statement from Pakistan’s foreign ministry.

"We have no intention of escalation, but are fully prepared to do so if forced into that paradigm. That is why we undertook the action with clear warning and in broad daylight," the Pakistan foreign ministry statement said.

The latest reports come a day after Indian Air Force jets bombed a terrorist training camp inside Pakistan. India’s rupee reversed gains, while Pakistan’s benchmark stock index plunged 3 percent at 11:07 a.m. in Karachi.

Indian defense spokesman Col. Aman Anand did not respond to calls or texts for comment.

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