One of two pilots has died and the other was injured after a trainer jet manufactured by Leonardo crashed during a "test flight" near the town of Como in northern Italy, the defense group said Wednesday.

The causes of the accident are under investigation, the state-controlled group said in a statement, adding it was premature to hypothesize about the cause.

The twin-engine light combat jet, an M-346, had taken off from Leonardo's plant late in the morning "following the checks required to authorize the flight, which were completed just before take-off," the group said in a statement.

A Leonardo test pilot and an instructor pilot from an external company were on board.

The flight plan included tests aimed at demonstrating specific capabilities tested during several previous flights, the group said.

Half an hour after takeoff, contact with the aircraft was lost. The rescue team subsequently located the wreckage in a mountainous area near Como. The instructor pilot from the external company was found dead.

"The top management of Leonardo expresses its deepest condolences for the death of the pilot and joins in the grief of the family," it said.

The company said it has created an internal committee to investigate the disaster.

Shares in the group closed down 4.9% at 8.68 euros ($9.53), just above an intraday low of 8.64 euros after the company confirmed the accident.