A prototype of the Hindustan Aeronautics Ltd. Intermediate Jet Trainer HJT-36 Sitara serial number S-3466 crashed near Krishnagiri about 80km (50mi) south-east of Bangalore around 15:10 local (09:40 UTC).
Both pilots Wg Cdr. Patra and Mathur (rank not sure) ejected safely, though one of them has suffered some injuries.
HAL has constituted a Court of Inquiry to examine the crash.
S-3466 was the same aircraft that crashed at Aero India in February 2007. The aircraft was repaired and put back in to service about a year later.
Thanks to some friends (who prefer to remain anonymous) for the heads-up. Hat tip SS.