Boeing (BA) shares tumbled 5.13% in pre-market trading on Thursday, following reports of a catastrophic crash involving one of its 787-8 Dreamliner aircraft operated by Air India. The incident, which occurred near Ahmedabad Airport in India, has sent shockwaves through the aviation industry and rattled investor confidence in the aerospace giant.

The ill-fated Air India flight, bound for London with 242 passengers on board, crashed shortly after takeoff from Ahmedabad airport. Emergency services, including seven fire engines, rushed to the scene as thick black smoke billowed from the crash site. The incident has raised serious concerns about the safety of Boeing's Dreamliner aircraft, potentially impacting future orders and the company's reputation.

Adding to Boeing's woes, rival Airbus released an optimistic 20-year forecast for the commercial aircraft market. Airbus projects demand for 43,420 new commercial jet deliveries over the next two decades, a 2% increase from its previous rolling annual forecast. This positive outlook for Airbus, coupled with the tragic Air India incident, may be contributing to the downward pressure on Boeing's stock as investors reassess the competitive landscape in the commercial aviation sector.