Following reports of the crash of an Air India Boeing 787-8 Dreamliner near Ahmedabad, India, shares of the American aircraft manufacturer Boeing experienced a significant decline. Concerns over Boeing’s safety standards have resurfaced sharply after the incident. According to Reuters, Boeing’s stock price dropped by about 7.5 to 8 percent during pre-market trading on Thursday, June 12, marking one of its steepest single-day declines in recent months. By around 5:15 PM Bangladesh time, Boeing shares had fallen to $197.82.

The Air India aircraft, carrying 242 passengers and crew, reportedly lost control and crashed near Ahmedabad while en route from Delhi to Dubai. Local rescue teams quickly arrived at the scene and began recovery efforts. Analysts see this as a major setback for Boeing’s Dreamliner series, which until now had a strong safety record with no previous crash history. The market’s swift reaction reflects the level of concern among investors.

Neil Wilson, an analyst at Saxo UK, commented that the Dreamliner program was considered one of Boeing’s key trust assets, and this accident has dealt a serious blow to that confidence. Boeing has yet to issue an official statement, but the U.S. Federal Aviation Administration (FAA) and India’s Directorate General of Civil Aviation (DGCA) have launched a joint investigation into the cause of the crash.

Boeing has struggled with quality control and safety issues in recent years, particularly following multiple fatal crashes involving its 737 MAX series. This new incident is seen as a fresh obstacle to the company’s recovery efforts.

Indian news outlet NDTV, citing sources, reported that there were no survivors from the crash. The aircraft had 242 people on board, including 232 passengers and 10 crew members. Among them were 169 Indian nationals, 53 British citizens, 7 Portuguese, and 1 Canadian. Local police chief G.S. Malik told the Associated Press that there was no chance of survival for those on board, and it is feared that some local residents may have also perished as the plane came down in a residential area.

Although there has been no detailed or formal confirmation regarding the total casualties, preliminary reports indicate severe fatalities. The plane, which departed from Ahmedabad’s Sardar Vallabhbhai Patel International Airport bound for London, crashed shortly after takeoff. Videos circulating on social media show the aircraft flying extremely low over nearby homes before suddenly descending and crashing, followed by plumes of heavy smoke rising from the crash site.

Indian media reports suggest the plane came down just moments after takeoff, impacting a dormitory at B.J. Medical College in Ahmedabad, where MBBS students resided. NDTV further reported that at least five students were killed, with fears that the death toll may rise. Images from the scene show a section of the aircraft lodged inside the hostel building, with untouched food plates still visible on tables in the student canteen.

Reports also indicate that the pilot had issued an emergency request shortly before the aircraft lost all communication, leading to the devastating crash.