Boeing Shares Tumble Following Air India Plane Crash
The aircraft, identified as a Boeing 787-8 Dreamliner, was en route to London's Gatwick Airport when it went down near a civilian area shortly after departure. The incident has reignited safety concerns and added pressure on Boeing, which is already navigating efforts to restore public confidence and ramp up production under new CEO Kelly Orthberg.
In premarket trading, Boeing shares slid 8% to $196.52. Analysts say the drop reflects renewed investor anxiety surrounding the company's safety record.
The cause of the crash has not yet been determined. Boeing stated it is aware of the reports and is working to gather more details.
The crash adds to a string of challenges for the aircraft manufacturer, which is striving to turn the page on several years of scrutiny over its safety standards and regulatory compliance.
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European aeroplane manufacturer Airbus announced Saudi and Polish orders for more than 100 aircraft at the Paris Air Show on Monday while US rival Boeing focused on 'supporting customers' after the Air India crash. The sales rivalry between Boeing and European aerospace giant Airbus usually drives the headlines as the world's top civilian plane makers announce many of their biggest orders at the air show in Le Bourget. But Boeing chief executive Kelly Ortberg said last week he was cancelling plans to attend the biennial event to spend time on the probe into the 787 Dreamliner crash. 'Our focus is on supporting our customers, rather than announcing orders at this air show,' a Boeing spokeswoman told AFP at the trade fair in Le Bourget. The London-bound Dreamliner crashed shortly after take off in the western Indian city of Ahmedabad, killing 241 passengers and crew and another 38 people on the ground. One passenger survived. For its part, Airbus announced that Riyadh Air, an airline founded in 2023, placed a 'firm' order for 25 wide-body, long-range A350-1000 aircraft. The deal would be worth more than $9 billion under 2018 catalogue prices -- which Airbus has since phased out as final sale prices vary according to contract terms and the version of an aircraft. The Riyadh Air deal could rise to 50 planes, Airbus said. Saudi aircraft leasing company AviLease placed a separate order for 30 single-aisle A320neo jets and 10 A350F freighters in a deal worth around $7 billion. The deal could rise to 22 A350F cargo planes and 55 A320neo aircraft. Polish airline LOT -- which has traditionally purchased planes from Boeing and Brazilian manufacturer Embraer -- picked Airbus for the first time, ordering 40 A220 planes worth $3.4 billion. Embraer announced that the Portuguese government had ordered a sixth KC-390 Millennium military transport plane after buying five in 2019.
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Air India Retires Flight Number '171' Out of Respect After Ahmedabad
In the wake of the devastating crash that claimed 241 lives, Air India and its low-cost arm, Air India Express, have decided to retire the flight number '171' as a mark of respect for those who lost their lives. The ill-fated Boeing 787-8 Dreamliner, operating as flight AI 171, was on its way from Ahmedabad to London Gatwick when it crashed shortly after take-off on Thursday. According to sources, retiring a flight number after a fatal accident is a common practice in the aviation industry. It's seen as a gesture of remembrance and a way to avoid causing distress to passengers and families in the future. Starting June 17, the Ahmedabad–London Gatwick route will be reassigned a new number—AI 159—instead of AI 171. The necessary updates to the booking systems were completed on Friday, sources confirmed. Air India Express, which also used the flight number IX 171 on a different route, has likewise decided to discontinue it. 'This small change is our way of honoring the lives lost and offering a measure of comfort to those grieving,' one airline source said.
