Boeing shares plunge 8% after Air India Dreamliner crash in Ahmedabad

New Delhi: Boeing Co. shares slumped 8% in premarket US trading on Thursday after an Air India aircraft, identified as a Boeing 787-8 Dreamliner, crashed minutes after takeoff from Ahmedabad, raising fresh concerns around the planemaker’s safety record.

According to aviation tracking site Flightradar24, the ill-fated Air India plane was among the most modern in commercial service. The aircraft, operating as flight AI 171, was en route to London’s Gatwick Airport with 242 people on board when it went down in a civilian area close to Ahmedabad airport. Air India confirmed the incident but local police did not immediately clarify if there were any casualties.

Boeing, in a brief statement, said it was aware of the reports and was “working to gather more information.” The cause of the crash is still under investigation, and details remain sketchy at this hour.

The timing of the incident is a setback for Boeing, which is currently attempting to restore trust in its jets and accelerate production under new CEO Kelly Orthberg. The company has faced persistent scrutiny in recent years over safety and manufacturing standards, an issue now revived by Thursday’s crash.

At last count, Boeing shares were trading at $196.52 in the premarket session, down about 8% from the previous close. “It’s a knee-jerk reaction to the incident and there are renewed fears about the problems that have plagued Boeing aircraft and the company itself in recent years,” Chris Beauchamp, analyst at IG Group, told Reuters.

The U.S. Federal Aviation Administration and India’s Directorate General of Civil Aviation are expected to coordinate as investigations proceed. Boeing’s response and the probe’s findings will be closely watched by global regulators, airlines, and investors.

Further updates will follow as more information becomes available.