Boeing shares slide after Air India crash
Boeing shares fell 5% during premarket trading on Thursday after one of its aircraft operated by Air India crashed shortly after takeoff.
The Air India 787-8 Dreamliner aircraft was carrying more than 200 people when it crashed in a civilian area near the Ahmedabad airport.
The carrier, en route to Gatwick Airport in the U.K., crashed just minutes after taking off around 1:38 p.m. local time. In total, there were 242 passengers and crew members onboard the flight, according to Air India.
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It was not immediately clear what caused the crash. Though it marks the latest woe for the beleaguered planemaker whose already contending with scrutiny over its narrowbody 737 MAX jets, which had been grounded following two crashes in 2018 and 2019. This marks the first fatal crash involving Boeing's widebody jets.
Shares plummeted as much as nearly 8% during premarket trading. Shares of Boeing's key suppliers, Spirit AeroSystems and GE Aerospace, also slipped during pre-marketing trading Thursday.
Air India posted on X that of the passengers on Flight 171, 169 were Indian nationals, 53 were British nationals. There was one Canadian national and seven Portuguese nationals.
Officials have not announced an official death toll, although India's federal health minister said "many people" were killed. Ahmedabad’s city police commissioner, G.S. Malik, told The Associated Press that it "appears there are no survivors."
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Boeing said in a statement that it's in contact with Air India regarding Flight 171 and "stand ready to support them."
Air India Chairman Natarajan Chandrasekaran confirmed the crash in a post on X saying, "our thoughts and deepest condolences are with the families and loved ones of all those affected by this devastating event."
Indian Prime Minister Narendra Modi said the crash is "heartbreaking beyond words."
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"In this sad hour, my thoughts are with everyone affected by it," Modi wrote in a post on X. "Have been in touch with Ministers and authorities who are working to assist those affected."
GE Aerospace also posted on X that the company is extending it has "activated our emergency response team, and we are prepared to support our customer and the investigation."
Reuters contributed to this report.