Boeing shares plummeted 8% in premarket trading on Thursday after an Air India 787-8 Dreamliner carrying 242 passengers crashed minutes after takeoff from Ahmedabad, India. The aircraft, en route to London’s Gatwick Airport, went down in a civilian area near the airport, with Ahmedabad’s police commissioner stating that there appears to be no survivors.
This tragic event marks the first fatal crash involving Boeing’s 787 Dreamliner series, tarnishing the widebody jet’s previously unblemished safety record. The crash comes at a critical juncture for Boeing as new CEO Kelly Orthberg works to rebuild trust in the company’s safety standards and stabilise production lines.
Aviation analysts characterised the stock drop as a predictable market response. The incident renews scrutiny on Boeing’s safety protocols, coming just years after the prolonged grounding of its 737 MAX fleet following two fatal crashes.
Boeing issued a brief statement acknowledging the crash and confirming it was gathering information about the still-unexplained incident. Notably, while the Dreamliner fleet faced battery-related grounding in 2013, this represents the first fatal crash in the aircraft’s operational history.
As of premarket trading, Boeing shares stood at $196.75, reflecting the 8% decline. The aviation industry now awaits further details about the crash circumstances as investigations begin.