Airline stocks took a sharp hit on Thursday after an Air India passenger plane, operating as Flight AI171, crashed shortly after takeoff from Ahmedabad International Airport. The Boeing 787-8 Dreamliner was en route to London Gatwick when the tragic incident occurred. The crash sent shockwaves through the aviation sector, with shares of major airline companies slipping significantly during afternoon trading. The aviation regulator confirmed that the aircraft carried 242 people on board. Rescue teams and emergency responders continue to work at the crash site amid heavy smoke.
Stocks of key aviation players plunged following the crash. TAAL Enterprises saw its shares fall 3.84 per cent, while InterGlobe Aviation Ltd, the parent company of IndiGo, slipped 3.01 per cent. SpiceJet dropped 1.85 per cent, and Global Vectra Helicorp Ltd shed 0.96 per cent. The market reacted swiftly as news of the Air India crash spread. The sell-off indicated immediate investor concern across the airline sector. The impact was visible not just in passenger airline stocks but also in aviation services companies. Trading volumes in these stocks spiked sharply amid the crash reports.
Tata Group companies, which own Air India, also witnessed a steep decline on Thursday. Tata Investment Corporation shares dropped 3.62 per cent, while Tata Chemicals slipped 2.55 per cent. Other group stocks, including Tata Power, Tata Elxsi, Tata Steel, Tata Consumer Products, and Tata Technologies, each saw declines of over 2 per cent. The market downturn came even as domestic benchmarks struggled. Globally, shares of Boeing, the aircraft manufacturer, traded lower in the pre-market session, falling 5.14 per cent. The financial hit reflected the deep shockwaves the incident sent across sectors.
The Directorate General of Civil Aviation (DGCA) confirmed that the crashed aircraft was a Boeing 787-8 Dreamliner, carrying 242 people, including 2 pilots and 10 cabin crew members. “The aircraft was under the command of Capt Sumeet Sabharwal with First Officer Clive Kundar. Capt Sumeet Sabharwal is a LTC with 8200 Hrs of experience. The copilot had 1100 Hrs of flying experience,” the DGCA stated. The aircraft departed from Ahmedabad at 1:39 PM IST. “It gave a MAYDAY Call to ATC, but thereafter no response was given. Heavy black smoke was seen at the site,” DGCA added.
