Boeing’s stock dropped by nearly 5% after an Air India Boeing 787-8 Dreamliner crashed near Ahmedabad, India. The tragic incident killed 241 of 242 people on board and raised new concerns about the aircraft’s safety.
The plane crashed just seconds after takeoff, and while the cause is still unknown, Boeing said it is investigating the situation. The company confirmed it is aware of the early reports and is working to collect more details.
The 787 Dreamliner is one of Boeing’s most advanced aircraft. Although it faced battery problems in the past, this is its first fatal crash. This has again raised public and investor concerns about Boeing’s aircraft reliability.
In addition, companies that help build the Dreamliner also saw losses. Spirit AeroSystems and GE Aerospace, which provide aircraft parts and engines, saw their shares fall by about 3% after the crash.
Boeing has already dealt with serious criticism in recent years over its 737 MAX jets, which were grounded globally after two deadly crashes. Now, this new tragedy could lead to more scrutiny and financial pressure on the aviation giant.