Air India plane crash: Tata Group stocks fall up to 2%; Tata Tech, Trent among biggest laggards

Tata Group stocks witnessed up to a 2 per cent fall in Friday’s trading session (June 13) after the Air India Ahmedabad-London flight crash incident resulted in the death of 241 passengers a day ago.

Shares of Tata Technologies and Trent fell between 2-2.6 per cent following weak trends in the Indian stock market and the plane crash mishap. Meanwhile, Tata Power, Tata Consumer, Tata Steel, and Tata Consultancy Services shares shed between 1-1.5 per cent in trade today.

Indian Hotels share price declined over 1.5 per cent, falling to ₹733.10 apiece. 

On the other hand, Tata Coffee, Rallis India were the only two Tata Group stocks trading in green on Friday amid the stock market crash. Tata Coffee share price rallied over 4 per cent to ₹344.80, meanwhile, Rallis India share price was up 0.50 per cent at ₹309.70 on NSE.

Tata Group stocks also witnessed a selloff in Thursday’s session just after the incident.

The incident represents the first fatal hull loss involving a Boeing 787 since the aircraft entered commercial service. This tragedy has triggered an investigation by India’s aviation regulator, with involvement from a U.S. investigative agency and Boeing itself.

Tata Group statement on Air India plane crash

Air India’s Managing Director and CEO, Campbell Wilson, said that the airline is coordinating with authorities to support all emergency response operations.

Tata Sons Chairman N Chandrasekaran has stated that the group will offer ₹1 crore in financial assistance to the families of those who lost their lives in the air crash and will bear the medical expenses of the injured. Furthermore, the Tata Group will extend its support towards rebuilding the BJ Medical Hostel, which was impacted by the crash.

“No words can adequately express the grief we feel at this moment. Our thoughts and prayers are with the families who have lost their loved ones, and with those who have been injured,” N Chandrasekaran, Chairman of Tata Sons said in a statement.

“Tata Group will provide ₹1 crore to the families of each person who has lost their life in this tragedy. We will also cover the medical expenses of those injured and ensure that they receive all necessary care and support. Additionally, we will provide support in the building up of the B J Medical’s hostel. We remain steadfast in standing with the affected families and communities during this unimaginable time,” he added.

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