Topline
Shares of Boeing slid sharply in premarket trading early on Thursday after a 787 plane operated by Air India crashed shortly after taking off in Western India, at a time the planemaker is attempting to rebuild trust in the safety of its jets after years of scrutiny following two deadly crashes in 2018 and 2019.
Boeing's shares tanked after a Air India operated 787-8 crashed in Ahmedabad, India on Thursday.
Boeing’s share price fell to $196.85 in early trading on Thursday, down 8% from the previous day’s market close.
The stock slumped after Air India flight AI171, a Boeing 787-8 Dreamliner, crashed shortly after taking off from Ahmedabad airport in Western India.
According to the carrier, 242 people were on board the plane when it crashed, but details about fatalities and possible causes remain unknown.
According to FlightRadar24, the plane involved in the crash was a Boeing 787-8 with the registration number VT-ANB, which was delivered to Air India in 2014.
Boeing has not yet publicly commented on the incident, but Forbes had reached out to the plane maker for comment.
Air India, which the Tata Group acquired as part of the Indian government’s bid to privatize the flag carrier in 2022, has signed several contracts in the past few years to expand its fleet significantly. In 2023, Air India announced plans to purchase 470 new aircraft, in one of the biggest aviation deals ever. The order includes a purchase of 290 Boeing single-aisle and widebody jets. This includes 20 new Boeing 787 Dreamliner jets, the widebody jet whose production has been marred by issues.
Air India flight AI171 crashed shortly after taking off on Thursday, shortly after takeoff to London Gatwick Airport, the carrier said in a statement. Air India’s statement confirmed that the plane “was carrying 242 passengers and crew members” on board, including 169 Indian nationals, 53 British nationals, 1 Canadian national and 7 Portuguese nationals.” Details about the crash are limited but, according to FlightRadar24, initial flight data shows the plane climbed to an “barometric altitude of 625 feet” before quickly descending at a speed of 475 feet per minute.
Air India Plane With 242 Onboard Crashes Shortly After Takeoff In Western India (Forbes)