Boeing stock (BA) sank roughly 4% in early trading Thursday after an Air India plane carrying 242 people crashed shortly after takeoff near the Ahmedabad airport.
The plane involved was a Boeing 787-8 Dreamliner, delivered to Air India in 2014, according to the aviation tracking site FlightRadar24.
Authorities believe the crash likely killed everyone on board the flight head to Gatwick Airport in London. Emergency crews have recovered than 200 bodies from the wreckage, according to city officials.
"We are in contact with Air India regarding Flight 171 and stand ready to support them," a Boeing spokesperson said in a statement. "Our thoughts are with the passengers, crew, first responders and all affected."
This is the first major crash involving a Boeing 787 Dreamliner since its introduction in 2011, according to a Boeing report of airplane accidents.
The crash is a major setback for the aerospace giant, which has been racking up plane orders under new CEO Kelly Ortberg. Shares are up over 20% year to date on the heels of a massive company turnaround following a brutal 2024 sparked by a "door plug” incident on an Alaska Airlines (ALK) flight.
Boeing also came under intense scrutiny in 2019, following the deadly crash of Ethiopian Airlines flight 302. That incident followed a Lion Air flight crash just five months earlier.
Both of those crashes exposed critical flaws in the software of the 737 Max 8 jet, leading to a 20-month global grounding of the aircraft.
Shares of Boeing suppliers also sank on Thursday. GE Aerospace (GE) fell over 2%. Spirit AeroSystems (SPR) declined as much as 3%.