Air India plane crash: Boeing crash jolts stock ahead of Paris show
Boeing crash jolts stock ahead of Paris show (Photo: AP)
The Boeing Dreamliner crash on Thursday rattled investors' confidence in the company's recovery narrative. Shares of the aviation major dropped by as much as 8% in pre-market trading before settling at a loss of 4.8% and closing at $203.6.
The plunge comes just days before the Paris Air Show, where the company is expected to showcase its production momentum and rebound in deliveries under new CEO Kelly Ortberg's leadership.
The crash revived concerns about safety of Boeing's widebody jets and marks the first accident involving a 787 Dreamliner since the aircraft entered commercial service. Shares of key suppliers also took a hit following the crash. Spirit AeroSystems, which manufactures the fuselage for the 787, and GE Aerospace, a major engine supplier for the model, each saw their stocks drop by approx 2%.
GE Aerospace said it had activated its emergency response team to assist with the investigation, though it did not confirm whether the Air India jet was powered by its engines.
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