Shares of plane maker Boeing Co. (BA) are down 8% on reports that an Air India aircraft with 242 people onboard crashed minutes after takeoff from India’s western city of Ahmedabad.
Media reports state that the plane was a Boeing 787-8 Dreamliner, one of the company’s newest aircraft, and one of most modern passenger aircraft in the world today.
The Boeing plane was headed to Gatwick Airport in the United Kingdom, confirmed Air India.
Reports say the plane crashed in a civilian area near the airport, without specifying whether there were any fatalities or injuries.
It’s not immediately clear what caused the plane to crash. Boeing said in a written statement that it is working to gather more information.
News of the latest crash comes as Boeing tries to rebuild credibility and trust related to safety under new Chief Executive Officer (CEO) Kelly Ortberg.
In 2019, the U.S. Federal Aviation Administration (FAA) and regulators around the world ordered the grounding of all Boeing 737 Max jets following two crashes that killed 346 people.
However, in January 2024, a panel covering an unused emergency exit blew off a Boeing 737 Max 9 aircraft midflight in the U.S. Fortunately, the pilots were able to land the plane safely.
Prior to today (June 12), BA stock had risen 25% this year to trade at $214 U.S. per share.
