Boeing, GE's shares plummet after Air India 787-8 Dreamliner crash
What's the story
Boeing shares fell nearly 5% in US trade on Friday following the crash of an Air India 787-8 Dreamliner near Ahmedabad airport on June 12. The tragic incident claimed over 260 lives, including 241 passengers and others on the ground. GE Aerospace, which supplies engines for the Dreamliner, also saw its shares slip by 2.25% during the trade today.
Historic incident
First-ever total loss of a Boeing 787 aircraft
The Boeing 787-8 Dreamliner, a nearly 12-year-old wide-body workhorse, crashed into the B J Medical College complex just minutes after taking off from Ahmedabad on Thursday. This is the first-ever total loss of a Boeing 787 aircraft. The crash has once again brought Boeing's safety record under scrutiny amid several ongoing investigations against the company.
Investigation details
No immediate safety concern, says US Transportation Secretary
US Transportation Secretary Sean Duffy said no immediate safety concern had emerged that would require grounding the 787 fleet. A team from the Federal Aviation Administration (FAA) and National Transportation Safety Board (NTSB), along with representatives from Boeing and GE Aerospace, are heading to India to assist in the probe. This comes after Boeing also faced issues with its 737 MAX aircraft between March 2019 and December 2020.