The shares of hotel and online flight ticket booking companies significantly plunged on June 12. This came after a London bound-Air India plane, carrying over 200 passengers, crashed in a residential area near the Ahmedabad airport.
While airline stocks like IndiGo and SpiceJet shares plunged up to 3 percent, companies that offer online flight booking services also saw a sharp drop in share prices. Ixigo and Thomas Cook India shares tumbled nearly 4 percent each to trade at Rs 181 apiece and Rs 163 apiece respectively. TBO Tek shares dropped over 3 percent, while Mahindra Holidays shares fell over 2.5 percent. Ease my Trip and Yatra Online shares were trading with marginal losses.
A flight crash may raise fears around air travel, which may have likely pushed down the stocks.
Hotel companies also significantly tumbled, with Indian Hotels Company (IHCL) shares falling nearly 3 percent to trade at Rs 745 apiece. Chalet Hotels shares were down nearly 3 percent, while Lemon Tree Hotels shares dropped nearly 2 percent.
The recently listed Schloss Bangalore, the operator of Leela Hotels, saw its share price decline by over 1 percent.
Adani Enterprises shares fell nearly 2 percent as the company operated the Sardar Vallabhbhai Patel International Airport in Ahmedabad. Notably, the airport is currently shut for operations.
GMR Airports shares also fell over 3 percent.
Early reports suggest that a London-bound Air India flight with 242 passengers onboard crashed right after takeoff from the Sardar Vallabhbhai Patel International Airport. As per preliminary reports, the aircraft crashed in a densely populated area near the airport and hit a building. Immediately post the crash, local residents rushed to the area to help with rescue efforts.
Visuals from the area have surfaced on social media.
#InPics | Air India London flight with over 200 passengers crashes; PM Modi takes stock of situation.London-bound Air India flight gave mayday call to ATC before crash near Ahmedabad. #PlaneCrash #AhmedabadAirport #London #Ahmedabad #AirIndia pic.twitter.com/THNlb6qM5k
Moneycontrol (@moneycontrolcom) June 12, 2025
After the tragedy took place, Air India took to X to say, "Flight AI171, operating Ahmedabad-London Gatwick, was involved in an incident today, 12 June 2025. At this moment, we are ascertaining the details and will share further updates at the earliest."
Also read: Our LIVE blog on Ahmedabad plane crash
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