Boeing Shares Tank 5%: What's The Reason Behind The Decline?

Boeing's shares declined 5% on Thursday as an Air India Boeing 787 Dreamliner jet crashed, just a few minutes after takeoff.

This has become a major setback, not just for Air India, the airline, but also for Boeing as the new CEO was set to rebuild trust following a series of safety as well as production challenges.

Air India Ahmedabad Plane Crash: Details

An Air India passenger flight AI171, crashed minutes after take-off near the Adani-Airport premises on Thursday afternoon.

The flight was headed from Ahmedabad to London and after it crashed a thick veil of smoke was seen around the residential area near Ghoda Camp, Ahmedabad, where the plane crashed.

Reportedly, 242 passengers were on-board and one among them was also the Former Gujarat Chief Minsiter Vijay Rupani.

What Is The Reason Behind The Decline?

The decline in the share prices of Boeing is primarily being fuelled by the Ahmedabad plane crash.

However, it was not clear what caused the crash.

Boeing said in a statement that it was not aware of initial reports and was working to gather more information.

This crash has tarnished the aircraft-maker's image and safety records.

Boeing 787

The Boeing widebody 787 planes are one of the most modern passenger aircrafts in service and have never had a fatal crash until the Air India accident.

However, these planes were grounded in 2013 due to battery issues, but no one was reported injured.

Also Read: Tata Issues Templated Statement After Ahmedabad-London Flight With 242 Onboard Crashed Near Ahmedabad Airport