New Delhi: Share price of Boeing Co plunged over 8% in pre-market US trading on Thursday after an Air India-operated Boeing 787-8 Dreamliner aircraft crashed minutes after taking off from Ahmedabad’s Sardar Vallabhbhai Patel International Airport.
Boeing shares were down to $196.52 in pre-market trading following news of the crash.
AI-171, which was flying to London Gatwick, had 242 people on board, including 230 passengers and 12 crew members.
Chances of finding any survivor are very slim. Casualties are also feared on ground as the plane crashed on a hostel building of the BJ Medical College, in the densely populated Meghaninagar area close to the airport.
Boeing said it was aware of initial reports and is working to gather more information.
The devastating crash comes at a time when the American plane manufacturer is trying to rebuild trust in its aircraft after a series of safety controversies and ramp up production under new CEO Kelly Orthberg.
“This is a knee-jerk reaction to the incident, and it revives fears of the problems that plagued Boeing aircraft and the company itself in recent years,” said Chris Beauchamp, analyst at IG Group.
Boeing’s safety record, particularly around its wide-body 787 planes, have been under scrutiny, following prolonged controversy surrounding the 737 MAX.
However, the Boeing 787-8 Dreamliner is considered one of the most modern and fuel-efficient passenger jets currently in service.
Captain Sumeet Sabharwal, the pilot, had over 8,200 hours of flying experience, while First Officer Clive Kundar had logged 1,100 hours.
A thorough investigation has been launched.
According to Directorate General of Civil Aviation (DGCA), the flight data and cockpit voice recorders will be crucial to determining the cause of the crash.
DGCA said the pilot had made a distress ‘MAYDAY’ call, but lost all communication shortly after.
