Air India plane crash: Boeing share price nosedives over 7% in pre-open trade
Air India plane crash: Shares of aircraft manufacturer Boeing crashed over 7% in pre-market deals, signalling a tepid start ahead of the US market opening, after an Air India aircraft crashed in Gujarat's Ahmedabad on Thursday. The aircraft involved in the Air India plane crash was a Boeing 787-8 Dreamliner.
Boeing share price was trading 7.67% lower at $197.58 apiece. Today's fall would drive the stock lower for the third straight session. On Wednesday, Boeing stock settled at $214 apiece, down 0.8%. However, the stock has been in an uptrend for the past three months, gaining 24% during the period.
Commenting on the development, Boeing told Mint, 'We are aware of initial reports and are working to gather more information.'
Air India's London-bound flight AI 171 crashed shortly after takeoff from Ahmedabad airport on Thursday, with 244 persons on board.
The pilot of the Air India aircraft gave a Mayday call to the Ahmedabad air traffic controller. However, thereafter, no response was given by the aircraft to the calls made by ATC, the aviation regulator DGCA said in a statement.
At around 2 pm, the Air India plane crashed, with several casualties are feared.
(With inputs from agencies)
Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hindustan Times
38 minutes ago
- Hindustan Times
Air India plane crash could be India's costliest aviation insurance payout: How airline coverage works
The tragic crash of an Air India Boeing 787-8 Dreamliner on Thursday, which claimed the lives of 241 people, could end up being the largest aviation insurance payout in Indian history. Industry experts estimate the total liability could range between $211 million and $280 million (around ₹2,400 crore), reported news agency PTI. The aircraft, bound for London's Gatwick Airport, took off from Ahmedabad's Sardar Vallabhbhai Patel International Airport at 1:38 PM. Just 33 seconds into the flight, it crashed into a residential area. Of the 230 passengers and 12 crew members, only one British-Indian passenger, Vishwash Kumar Ramesh, survived the fatal incident. The flight included 169 Indian nationals, 53 British nationals, seven Portuguese citizens, and one Canadian passenger. The wide demographic range will be key in determining compensation under international aviation laws. Physical aircraft losses are estimated between $80 million and $250 million, depending on valuation factors like age, condition, and configuration, according to a report in Mint. Since the aircraft crashed into a residential apartment, there is third-party property damage liability on the operator. There might also be loss of lives in that residential apartment where the aircraft crashed,' Mint quoted Hitesh Girotra, Vice President at Prudent Insurance Brokers, as saying. While the airline has announced interim compensation of ₹1 crore for the deceased, final compensation for passengers will be determined under the Montreal Convention of 1999. According to this, the compensation per deceased passenger could be up to 1,28,821 Special Drawing Rights (SDRs), or about $171,000 (roughly ₹1.47 crore). The total loss to Air India, factoring in all categories of claims, is estimated between $211 million and $280 million. However, it is too soon to determine the total liability that the airline may face due to the widespread devastation caused by this crash. Like most global airlines, Air India does not rely on a single Indian insurer for coverage. Instead, coverage is spread across global insurance markets through a network of reinsurers. 'No single insurer bears the entire risk—coverage is widely distributed among global reinsurers, with shares as small as 1.5% to 2% and a lead reinsurer typically taking 10-15%,' said Narendra Bharindwal, president of the Insurance Brokers Association of India. 'Aviation insurance programs for major airlines such as Air India are arranged on a fleet basis and reinsured across international markets like London and New York,' he added. This model ensures that the financial impact of catastrophic incidents is absorbed across a broad global base. Mint reported that since Air India was acquired by the Tata Group, the responsibility of insurance procurement has shifted from government tenders to private mechanisms. Earlier, public-sector insurers competed in annual tenders. Now, the Tata Group has the autonomy to appoint insurers and reinsurers based on its assessment of risk and cost.
Time of India
39 minutes ago
- Time of India
Air India Crash ‘Shocking': Expert Warns Aircrafts Are Like Flying Bombs Loaded With Fuel
Aviation expert Subhash Goyal has called the tragic Air India crash in Ahmedabad 'very shocking,' raising major concerns about aviation safety in India. Goyal, who is the Chairman of the Aviation and Tourism Committee of the Indian Chamber of Commerce, warned that airplanes — especially when fully loaded with fuel — can become 'flying bombs' in case of malfunctions. Stressing that safety checks are standard and stringent in India, he noted that Air India does adhere to all protocols and that the Dreamliner involved in the crash was relatively new and well-equipped with the latest features. His statement comes amid rising scrutiny of Boeing 787 Dreamliners, after whistleblowers raised serious concerns earlier this year. As investigators begin probing what went wrong, experts and global regulators are now calling for a comprehensive review of aircraft manufacturing and maintenance standards. Stay tuned for more verified updates.#airindiacrash #subhashgoyal #aviationsafety #boeing787 #flyingbombs #airindia #ahmedabadcrash #expertreaction #toi #toibharat #bharat #breakingnews #indianews Read More
Time of India
44 minutes ago
- Time of India
Air India plane crash: LIC eases procedure of policy settlements for victims' families
The Life Insurance Corporation of India (LIC) on Friday announced a range of concessions to help ease the financial hardships faced by the families of those killed in the Air India flight Al 171 plane crash in Ahmedabad on June 12, 2025. In a press release, LIC expressed grief over the deaths of passengers, crew members, and people on the ground who lost their lives in the tragedy. To provide financial relief to policyholders' nominees, LIC said it would expedite the processing of death claims and relax certain conditions normally required for settlements. — LICIndiaForever (@LICIndiaForever) As per the announcement, instead of a death certificate, LIC will accept any Government record confirming the policyholder's death due to the incident, or proof of compensation disbursed by the Central or state government or Air India authorities. Live Events The state-owned insurer assured that all efforts would be made to reach policyholders' families promptly and settle their dues at the earliest. Claimants in need of assistance can contact their nearest LIC branch, division, or Customer Zone. Additionally, a helpline, 022 68276827, has been set up to provide support and information. AI-171 crash: India's worst air disaster in nearly a decade The crash of Flight AI‑171, a Boeing 787‑8 Dreamliner, is one of India's worst aviation disasters in nearly a decade. The aircraft, heading from Ahmedabad to London's Gatwick, came down in a residential area just moments after takeoff, claiming 265 lives (230 passengers, 10 crew, 2 pilots, 5 doctors and others yet to be identified), with only one survivor confirmed. Eyewitnesses described the impact as sounding 'like an earthquake,' with thick black smoke engulfing the crash site and rescue teams struggling to reach the wreckage. The plane struck a hostel building near Sardar Vallabhbhai Patel International Airport, complicating rescue efforts amid intense heat, a large fuel blaze, and debris. Home Minister Amit Shah confirmed that soaring temperatures and around 125,000 litres of fuel onboard made the crash unsurvivable. This tragic incident marks the first fatal crash of a Boeing 787 Dreamliner since the model's inception and comes at a crucial time for Air India, which is undergoing a transformation under Tata Group's privatisation efforts.
