
Boeing Company stock futures were signaling a sharp 7 per cent fall in the pre-market session on Thursday after an Air India aircraft crashed in Gujarat’s Ahmedabad on Thursday afternoon. Boeing is an US-based multinational player that designs, manufactures, and sells airplanes, rotorcraft, rockets, satellites, and missiles worldwide.
According to pre-market data, shares of Boeing Company were signaling a 6.54 per cent fall at $200.00 per share. The stock had settled at $214 on Wednesday, slightly below its 52-week high at $218.8 apiece. The total market capitalization of the company stood close to $161.36 billion.
According to the Boeing Company, it is the first crash for their Dreamliner B-787. The company has claimed no losses till date. "We are aware of initial reports and are working to gather more information," said Boeing India.
Boeing had its price target boosted by Royal Bank of Canada from $200 to $230 in a research report released on Monday, suggesting a report from Benzinga. The broking firm currently has an 'outperform' rating on the aircraft producer's stock. In April, Bernstein upgraded shares of Boeing from a to an 'outperform' rating and raised their target price to $218.
An Air India flight with number AI 171 from Ahmedabad to London, Gatwick, earlier today, was involved in a crash shortly after takeoff, outside the airport. The flight had 242 passengers onboard including former chief minister Vijay Rupani. The aircraft made a may-day call for emergency landing.
With profound sorrow I confirm that Air India Flight 171 operating Ahmedabad London Gatwick was involved in a tragic accident today. Our thoughts and deepest condolences are with the families and loved ones of all those affected by this devastating event, said N Chandrasekaran Chairman at Air India in a post on X.
"At this moment, our primary focus is on supporting all the affected people and their families. We are doing everything in our power to assist the emergency response teams at the site and to provide all necessary support and care to those impacted. Further updates will be shared as we receive more verified information. An emergency centre has been activated and a support team has been set up for families seeking information," he said.