Boeing shares fell 5% on Thursday after an Air India 787-8 Dreamliner jet crashed. The crash happened minutes after takeoff from Ahmedabad. All 242 people on board died. The plane was flying to London.
This was the worst air crash in ten years. The cause of the crash is still unknown. Boeing said it is gathering information.
It merits a mention that this is the first fatal crash involving a Boeing 787 Dreamliner. These jets had been grounded in 2013 due to battery problems, but no one was hurt then.
The crash is a blow to Boeing’s efforts to increase production and restore its image. Boeing had recently received new orders and reached production goals in May.
Boeing has already been under pressure due to past controversial issues with its 737 MAX aircraft. The Boeing 737 MAX was grounded globally after two crashes. In 2023, a Boeing 737 MAX 9 lost a door plug mid-air, raising more safety concerns.
Shares of Spirit AeroSystems and GE Aerospace also dropped around 3%. GE Aerospace makes engines for the 787. The company said it has activated its emergency response team and will help with the investigation. It did not confirm if its engine was used in the crashed aircraft.
Boeing shares dropped as low as 8% before markets opened. They later traded at $196.75. Analysts said the drop shows fear about Boeing’s past safety problems.
Read more: Indian accounts on X blame Pakistan for Ahmedabad plane crash
After an unfortunate plane crash occurred in India’s Ahmedabad which claimed the lives of more than 200 people, Indian extremists account have dangerously started creating a false narrative of an alleged Pakistan conspiracy behind the plane crash.
On Thursday, an Air India flight scheduled to fly from Ahmedabad to London faced a serious incident during takeoff. The incident happened at the Sardar Vallabhbhai Patel International Airport and immediately triggered an emergency response. The Boeing 787-8 aircraft was carrying a total of 242 passengers and crew members. Among them were 169 Indian nationals, 53 British nationals, one Canadian national, and seven Portuguese nationals. Authorities have confirmed that there were no survivors in the devastating incident, as rescue teams continue their operations at the crash site.
