June 12 – Boeing (NYSE:BA) shares dropped about 8% in early U.S. trading Thursday following the crash of an Air India flight shortly after departure from Ahmedabad.
The aircraft, identified as a Boeing 787-8 Dreamliner, was en route to London Gatwick with 242 passengers and crew on board, according to aviation tracking data. The plane went down approximately nine minutes after takeoff.
Local authorities said rescue operations remain underway at the crash site, where thick smoke is hampering efforts. A National Disaster Response Force team has been deployed to assist in the recovery.
Tata Group Chairman N. Chandrasekaran, who oversees Air India through its majority stake, confirmed the incident in a statement and extended condolences to those affected.
Indian Prime Minister Narendra Modi has instructed Home Minister Amit Shah and Civil Aviation Minister Ram Mohan Naidu to travel to the crash site to coordinate response efforts and support victims’ families.
Boeing (NYSE:BA) has not yet released a statement on the incident. The U.S. manufacturer’s shares were among the biggest decliners on the S&P 500 in early trade.
This article first appeared on GuruFocus.
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