Boeing Stock Down For Fourth Day As Scrutiny Grows Over Air India Plane Crash
ChinaGoSmart CGS Boeing Co. stock price dropped more than 2% after the market opened in New York on Friday, extending losses to the fourth day, as scrutiny mounted over the 787-8 Dreamliner plane operated by Air India that crashed in Ahmedabad.
The tragedy claimed 241 lives on board the plane with one survivor.
On Thursday, the aircraft manufacturer's stock settled 4.8% lower at $203.75, the worst performer on the S&P 500.
Chief Executive Officer Kelly Ortberg canceled plans to attend the Paris Air Show. In a statement after the crash, Ortberg said he spoke to Air India Chairman N. Chandrasekaran and that Boeing is ready to support the investigation, Bloomberg News reported.
Thursday’s crash marks the first-ever complete loss of a 787, a plane Boeing introduced more than a decade ago with advanced lightweight composite materials that improve fuel efficiency. The 787 has become a crucial source of revenue for Boeing, with 1,148 of the jets in service globally.
The Directorate General of Civil Aviation on Friday directed Air India to reinforce safety inspections of its Boeing 787-8 Dreamliner aircraft. Effective from midnight on June 15, Air India is required to conduct a one-time pre-departure check on flights leaving India.
This comprehensive inspection will cover several critical areas, including the fuel parameter monitoring and associated systems, the cabin air compressor and its systems, and a test of the electronic engine control system.
Meanwhile, US Transportation Secretary Sean Duffy said the department was sending a team to assist the investigation led by India. US air safety officials typically provide support in crash probes involving an American-built aircraft.
