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Boeing shares plunged nearly 8 percent in U.S. premarket trading after an Air India Boeing 787-8 Dreamliner carrying 242 people crashed near Ahmedabad, as reported by Reuters.
Indian authorities have confirmed “many people” were killed, although official figures are yet to be confirmed.
The aircraft, bound for London’s Gatwick Airport, crashed minutes after takeoff, hitting a civilian area close to the airport perimeter.
The Boeing 787, known for its modern design and strong safety record, was identified by Flightradar24 tracking data.
READ: Air India plane carrying 242 passengers crashes in Gujrat’s Ahmedabad
Boeing released a statement acknowledging the reports and stated it is “working to gather more information.”
According to Reuters, the crash adds pressure on Boeing, which has struggled to rebuild confidence after several past safety controversies and is currently under new leadership with CEO Kelly Orthberg.
Analysts see the market reaction as a renewed wave of investor anxiety. IG Group’s Chris Beauchamp said, “It’s a knee-jerk reaction reflecting revived fears over Boeing’s history with aircraft issues.”
Boeing stock fell to $197.82, down about 7.5 percent, as markets reacted to the crash and uncertainty surrounding the aircraft’s cause. Investigations by India’s Directorate General of Civil Aviation (DGCA) and Boeing are ongoing, while rescue operations continue at the site.
