Boeing shares fell 8 percent in premarket trading to $196.52 on Thursday after an Air India plane crashed with 242 people onboard only minutes after taking off from Ahmedabad. The plane was headed to Gatwick Airport in the U.K., Air India said.
Aviation tracking site Flightradar24 said the plane was a Boeing 787-8 Dreamliner. Police officers said it crashed in a civilian area near the airport, without specifying whether there were any fatalities.
The cause of the plane crash is yet to be known. Following the crash, Boeing said in a statement it was aware of initial reports and was working to gather more information.
The news comes as the planemaker tries to rebuild trust related to the safety of its airplanes and ramp up production under new Chief Executive Officer Kelly Orthberg.
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Ahmedabad airport said it had halted all flight operations with immediate effect. The airport is operated by India’s Adani Group conglomerate. “We are shocked and deeply saddened by the tragedy of Air India Flight 171,” Gautam Adani, founder and chairman of the group, posted on X.
“Our hearts go out to the families who have suffered an unimaginable loss. We are working closely with all authorities and extending full support to the families on the ground,” he added.
