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Investing.com -- Spirit AeroSystems (NYSE:SPR) shares fell 4% on Thursday after an Air India Boeing 787-8 Dreamliner crashed shortly after takeoff from Ahmedabad, India, killing "many people" according to India’s federal health minister.
The aircraft, which was carrying 242 people and headed to London’s Gatwick Airport, crashed in a civilian area near the Ahmedabad airport. The cause of the crash remains unclear, and Boeing said it is "aware of initial reports and working to gather more information."
Boeing (NYSE:BA) shares tumbled nearly 8% in premarket trading following the incident, while General Electric (NYSE:GE), which manufactures engines for Boeing aircraft, saw its shares decline 5.5%.
The Boeing 787 Dreamliner has maintained a strong safety record with no previous fatal crashes since entering service, though the fleet was temporarily grounded in the past due to battery issues that did not result in injuries.
The crash comes at a particularly sensitive time for Spirit AeroSystems, which is in the process of being acquired by Boeing. In January, Spirit shareholders approved the all-stock transaction that was announced last summer. The acquisition is expected to close in mid-2025, subject to regulatory approvals and other closing conditions.
Spirit AeroSystems is a major supplier for Boeing, manufacturing components for various aircraft including the 787 Dreamliner series.
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