Boeing shares fell after a plane crash in India.
Although the causes of the crash are unknown, investors began selling the aircraft manufacturer’s shares, which fell to $196.49, the lowest level since mid-May 2024.
Boeing shares fell 8% in pre-market trading in the United States on June 12 after the American manufacturer’s Boeing 787 plane with 242 people on board crashed after taking off from the Indian city of Ahmedabad to London. This was the first crash of such a plane in its history. This is reported by the media.
The Air India plane crashed near the airport and, judging by the published footage, lost thrust from both engines. Although the cause of the crash is unknown, investors have started selling the aircraft manufacturer’s shares, which fell to $196.49, the lowest level since mid-May 2024. Shares of General Electric, a manufacturer of engines for Boeing aircraft, fell by 5.5%.
According to the Indian newspaper New Indian Express, at least 60 bodies have been found at the site of the plane crash in India, including ten in the dormitory where the plane crashed.
According to police, everyone on board the Air India plane died in the crash.
The Directorate General of Civil Aviation (DGCA) is launching a formal investigation together with a possible Boeing technical team.
As is known, in 2021, prosecutors accused Boeing of conspiring to deceive regulators. The company may have deceived the Federal Aviation Administration (FAA) about the operation of its own MCAS flight control system, which was used in two crashes.
Prosecutors agreed not to prosecute Boeing if the company paid a fine and successfully completed a three-year period of enhanced monitoring. However, in January of this year, a section of the fuselage of an Alaska Airlines Boeing 737 MAX 9 broke off in flight, forcing an emergency landing. No one was injured in the incident, but it brought Boeing back into the spotlight for regulators.