Shares of Boeing (BA.N) plummeted by 8% during premarket U.S. trading on Thursday following a tragic incident involving an Air India aircraft carrying 242 individuals, as reported by Reuters.
The Boeing 787-8 Dreamliner crashed shortly after departing from Ahmedabad, a city in western India. The flight was bound for Gatwick Airport in the UK, according to Air India, with local authorities confirming the crash occurred in a civilian area near the airport.
The cause of the crash remains unclear, prompting Boeing to acknowledge the initial reports and commit to gathering more information.
The incident compounds challenges for Boeing as it strives to restore confidence in its aircraft safety and scale up production under newly appointed CEO Kelly Orthberg.
Boeing’s shares reacted sharply, dropping to $196.52 in premarket trading, reflecting investor concerns exacerbated by historical issues facing the company.
Chris Beauchamp, an analyst at IG Group, attributed the decline to renewed fears surrounding Boeing’s operational challenges in recent years.