Shares of aircraft manufacturer Boeing tumbled over 7% in pre-market trade on Thursday following reports of an Air India aircraft crash in Ahmedabad, Gujarat. The aircraft involved was a Boeing 787-8 Dreamliner.
At one point, Boeing shares were trading 7.67% lower at $197.58 each. If losses hold, this would mark the stock’s third consecutive day of decline. On Wednesday, Boeing closed at $214, down 0.8%. Despite the recent slide, the stock had been on an upward trajectory over the past three months, gaining 24% during the period.
In a statement Boeing said: “We are aware of initial reports and are working to gather more information.”
Air India’s flight AI 171, en route to London, crashed shortly after take-off from Ahmedabad airport on Thursday. The aircraft was carrying 242 people.
According to the aviation regulator DGCA, the pilot issued a Mayday call to air traffic control in Ahmedabad, but no further communication was received from the aircraft. The plane crashed at around 2 p.m., and multiple casualties are feared.
Civil Aviation Minister Ram Mohan Naidu Kinjarapu expressed shock and grief at the incident. “We are on the highest alert. I am personally monitoring the situation and have directed all aviation and emergency response agencies to take swift and coordinated action."
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