Shares of Boeing fell sharply following the crash of an Air India Boeing 787 Dreamliner shortly after takeoff from Ahmedabad, India.
The plane, carrying 242 people, was headed to London Gatwick Airport when it disappeared from radar. Rescue teams recovered at least 200 bodies, and officials said there were likely no survivors.
This crash marks the first fatal accident involving a Boeing 787 since the aircraft’s commercial debut in 2011. The 787 Dreamliner had maintained an excellent safety record until now, despite earlier technical issues like battery problems that did not cause injuries.
Boeing’s stock closed down 4.8% on Thursday after falling as much as 6% during the day. The incident disrupted the recent positive momentum in Boeing’s shares, which had gained nearly 25% this year following a difficult 2024 marked by mechanical problems, leadership changes, and lawsuits.
Boeing’s CEO Dave Calhoun stepped down in March 2024 and was replaced by Kelly Ortberg in August, who pledged to focus more on engineering and safety rather than profits.
The crash also affected related aerospace stocks. GE Aerospace, a key supplier of jet engines to Boeing, saw its shares fall by over 6%, while Spirit AeroSystems, which manufactures fuselages and flight decks for Boeing jets, dropped 4%.
Boeing expressed condolences and said it is working closely with Air India to support the investigation and those affected by the tragedy.
