Boeing Shares Plummet After Air India Crash

Boeing's shares dropped nearly 8% in premarket trading following a crash of an Air India Boeing 787-8 Dreamliner. The aircraft crashed shortly after takeoff from Ahmedabad, India, resulting in numerous casualties. Boeing is investigating the incident as it aims to restore trust and increase production under CEO Kelly Orthberg.

The shares of aircraft manufacturer Boeing saw a steep decline of nearly 8% in premarket trading in the United States on Thursday, after an Air India flight carrying 242 passengers crashed shortly after departure from Ahmedabad, India.

The tragic incident, which saw the aircraft headed for Gatwick Airport in the UK crashing in a populated area close to Ahmedabad airport, resulted in many fatalities. India's federal health minister confirmed the loss of lives, while local authorities reported it involved a Boeing 787-8 Dreamliner, a model known for its modern design and robust safety record.

The cause of the crash remains unknown as investigations are underway. Boeing has acknowledged the reports and is collating information. Amidst this crisis, Boeing is striving to regain confidence in its safety standards and boost production efforts, under the leadership of its new CEO, Kelly Orthberg. Analyst Chris Beauchamp of IG Group commented on a likely resurgence of worries linked to Boeing's previous safety challenges.

(With inputs from agencies.)