Why Did Boeing Shares Drop Over 6% After the Ahmedabad Plane Crash?

New Delhi, June 12 (NationPress) Shares of Boeing experienced a significant decline in pre-market trading on Thursday, plummeting over 6 percent after an Air India Boeing 787-8 Dreamliner aircraft met with a crash in Ahmedabad.

As of 3:31 p.m. IST, shares of Boeing had fallen by 6.42 percent in pre-market trading, priced at $196.51. In the previous session, the stock closed down by 0.80 percent at $214.

Boeing is a multinational corporation based in the US, renowned for designing, manufacturing, and selling aircraft, helicopters, rockets, satellites, and missiles worldwide.

The ill-fated aircraft, produced by Boeing and operated by Air India, was on its way from Ahmedabad to London when it tragically crashed shortly after takeoff.

Onboard were 242 individuals, including 10 crew members and three infants.

The crash transpired in the vicinity of Meghani Nagar, Ahmedabad, with witnesses reporting thick black smoke ascending from the site almost immediately after the incident, indicating significant damage.

Numerous fire brigade vehicles hurried to the location as rescue and relief efforts commenced rapidly.

Currently, there is no official information on the number of casualties or the extent of the damage.

A spokesperson from the Directorate General of Civil Aviation (DGCA) stated, "At this stage, the cause of the crash remains unconfirmed. A comprehensive investigation has been launched," adding that all pertinent agencies are engaged in the inquiry.

The aircraft took off at 13:39 IST from Runway 23 at Sardar Vallabhbhai Patel International Airport. Officials mentioned that a Mayday call was made shortly after departure, but no further communication was received from the cockpit. The flight was commanded by Capt. Sumeet Sabharwal, a seasoned Air India pilot with over 8,200 flying hours, alongside First Officer Clive Kundar, who has logged 1,100 hours.

Thick black smoke was observed by residents and airport personnel rising from the crash site. According to a statement from the DGCA, emergency services were promptly dispatched, and rescue operations are ongoing. The aircraft crashed outside the airport boundaries, suggesting it failed to gain altitude post-takeoff.

DGCA officials are on-site collecting flight data, voice recordings, and eyewitness accounts as part of the investigation. Sources indicate that representatives from Boeing are expected to provide assistance to ground staff.

This incident marks one of the most severe aviation crises in India in recent years involving a wide-body aircraft.

Boeing airplanes have been linked to numerous crashes throughout history. The latest was a Jeju Air flight in South Korea, which crashed during a landing attempt in late December 2024, resulting in 179 fatalities. That aircraft was a Boeing 737-800.