Boeing, GE Aerospace in red for second day after Air India Dreamliner crash

Boeing shares remained under pressure in early US trade on June 13, falling 1.5% in pre-market deals, after a London-bound Air India 787-8 Dreamliner crashed near Ahmedabad airport a day earlier, killing over 260 people, including passengers and on ground deaths, as reported by PTI.

GE Aerospace, which supplies engines for the Dreamliner, also slipped around 2% in pre-market trade.

The wide-body workhorse from Boeing crashed into the B J Medical College complex minutes after take-off from Ahmedabad on June 12. It was nearly 12 years old, and the accident marks the first-ever total loss of a Boeing 787 aircraft.

Boeing stock had closed nearly 5% lower at $203.75 on Thursday. In pre-market trade on Friday, the stock was down another 1.5% to $200.54.

The crash has renewed focus on Boeing’s safety record at a time when the company is already under scrutiny over multiple ongoing probes.

Also Read: US sees no immediate reason to ground Boeing 787 after Air India crash kills over 240

US Transportation Secretary Sean Duffy said no immediate safety concern had emerged that would require grounding the 787 fleet. However, an FAA and NTSB team, along with Boeing and GE Aerospace representatives, is en route to India to assist in the probe.

Boeing also suffered from the grounding of its 737 MAX aircraft between March 2019 and December 2020. The 737 MAX resumed flying in India in November 2021.

Boeing is a major component of the Dow Jones Industrial Average, and the continued sell-off has weighed on sentiment. The crash involved 242 passengers and crew, including 169 Indian nationals and over 60 foreign citizens.