Boeing Shares Plummet After Air India 787-8 Dreamliner Crashes Near Ahmedabad

A tragic plane crash involving an Air India Boeing 787-8 Dreamliner occurred shortly after takeoff from Ahmedabad, India, resulting in the deaths of 241 of the 242 people on board, including passengers and crew.

The Air India flight, AI171, was en route to London Gatwick Airport.

The incident occurred within minutes of departure, with the aircraft going down near the Meghani or Meghaninagar area, just outside the airport perimeter, at approximately 1:39 pm IST on Thursday.

The cause of the crash remains unclear, though the captain issued a mayday call just before the accident. Among the passengers were nationals from India, the UK, Canada, and Portugal, including a former Chief Minister of Gujarat.

The incident has triggered a sharp decline in Boeing’s stock price globally, with shares falling approximately 6-8% in premarket trading across US and international markets.

This crash marks the first fatal accident involving the 787 Dreamliner, a model previously grounded due to battery issues but considered one of the most advanced passenger aircraft in the world. Boeing is currently investigating the incident and collecting further information.

The crash has also impacted shares of other aerospace suppliers such as Spirit AeroSystems and General Electric Aerospace, which saw declines of around 3%.

Boeing has faced significant scrutiny in recent years following two fatal crashes of its 737 Max models, which were grounded for an extended period.

The current accident comes at a critical time as Boeing attempts to restore confidence in its aircraft safety and ramp up production under new leadership.

This disaster has raised renewed concerns about Boeing’s aircraft safety and has sent shockwaves through global aviation and financial markets.