
Washington, DC, July 3 - On June 12, 2025, a catastrophic Air India Boeing 787-8 Dreamliner crash in Ahmedabad, India, claimed the lives of 241 of the 242 passengers and crew on board, along with at least 29 people on the ground, marking it as one of the worst aviation disasters in recent history. The London-bound flight, AI171, crashed into a medical college hostel just 36 seconds after takeoff from Sardar Vallabhbhai Patel International Airport, prompting an immediate and intense investigation into the cause. Central to this probe are the aircraft’s two black boxes—the Cockpit Voice Recorder (CVR) and the Flight Data Recorder (FDR)—which were recovered from the wreckage on June 13 and 16, respectively. These devices, crucial for reconstructing the final moments of the flight, have begun to yield data, and early findings have sent shockwaves through the financial markets, particularly impacting Boeing’s stock, which plummeted nearly 3% in trading on June 30, 2025.
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The black boxes, officially termed Enhanced Airborne Flight Recorders (EAFRs) on the Boeing 787, are designed to withstand extreme conditions, capturing critical flight data such as altitude, airspeed, engine performance, and control settings, alongside cockpit audio, including pilot conversations and ambient sounds. India’s Aircraft Accident Investigation Bureau (AAIB), leading the probe with assistance from U.S. and U.K. experts, as well as Boeing and engine manufacturer GE Aerospace, successfully downloaded data from these devices by June 26, 2025. The ministry confirmed that the analysis is ongoing, focusing on fuel, hydraulic, and electrical systems, with a preliminary report expected within 30 days and a final report potentially by year-end. The aircraft, registered as VT-ANB and delivered to Air India in 2014, had a clean maintenance record, with its last major inspection in June 2023 and no reported issues, according to Air India’s CEO and Tata Sons Chairman N. Chandrasekaran.
Despite the 787 Dreamliner’s previously unblemished safety record, with no fatal crashes in its 16 years of operation, the incident has reignited scrutiny of Boeing, a company already grappling with a turbulent history of safety concerns. Past incidents, including the 737 Max crashes in 2018 and 2019 and a 2024 Alaska Airlines door plug failure, have eroded public and investor confidence. The Ahmedabad crash, coupled with the ongoing black box analysis, has fueled fears of potential manufacturing or systemic issues, though experts caution that air crashes often result from multiple factors, such as mechanical failure, pilot error, or external events like bird strikes, which are notably frequent at Ahmedabad airport. The deployment of the plane’s Ram Air Turbine (RAT), indicating a possible power loss, has further intensified speculation about electrical or engine-related failures.
Boeing’s stock decline reflects investor unease as the investigation unfolds. However, a silver lining emerged with Fitch Ratings affirming Boeing’s BBB- credit rating and upgrading its outlook to Stable, citing improved financial flexibility under CEO Kelly Ortberg’s leadership. Despite this, the market remains jittery, with Boeing shares facing key support levels at $187 and $163, as analysts monitor the fallout. The investigation’s findings, expected to clarify whether the crash stemmed from design flaws, maintenance lapses, or external factors, will likely determine Boeing’s path forward, both financially and reputationally, as it navigates this latest crisis.