Aviation Stocks Nosedive After Deadly Air India Crash In Ahmedabad; IndiGo, SpiceJet Hit Hard

The tragic incident, involving Flight AI-171 bound for London Gatwick, sent shockwaves across global markets already rattled by geopolitical uncertainty.

The broader sector sell-off came as investors grappled with heightened concerns over safety, operational risks, and rising oil prices.

Source : ABP News

Aviation stocks continue their tumble on Friday, a day after an Air India-operated Boeing 787-8 Dreamliner crashed shortly after takeoff from Ahmedabad, killing 241 people on board, with the exception of one survivor. The tragic incident, involving Flight AI-171 bound for London Gatwick, sent shockwaves across global markets already rattled by geopolitical uncertainty.

Indian aviation counters reacted swiftly. Shares of IndiGo dropped nearly 4 per cent while SpiceJet lost more than 2 per cent during early Friday trading. The broader sector sell-off came as investors grappled with heightened concerns over safety, operational risks, and rising oil prices.

As of 10:54 AM, the shares of SpiceJet traded at Rs 43.99 apiece, clocking a fall of 1.54 per cent, while IndiGo parent, Interglobe Aviation, stood at Rs 5,293.60 in the market, logging a decline of close to 3.5 per cent in the session. 

Boeing Shares Take A Hit

Boeing, the manufacturer of the ill-fated aircraft, also saw its shares fall 4.79 per cent on Thursday on the New York Stock Exchange. While the crash was not directly tied to ongoing geopolitical events, analysts noted that it added to existing market anxiety, exacerbating an already fragile investor mood.

The aircraft, which carried 230 passengers, 10 cabin crew, and two pilots, crashed into a densely populated area near BJ Medical College minutes after taking off at 1:38 PM. Air India confirmed that 241 of the 242 people on board perished in the accident. The lone survivor, a British national of Indian origin seated in 11A, is currently undergoing treatment. However, the overall death toll of the tragedy reached 265 as of Friday morning.

The airline also detailed the nationalities of passengers: 169 Indian, 53 British, seven Portuguese, and one Canadian. Support lines have been activated for families: 1800 5691 444 (domestic) and +91 8062779200 (international).