While the exact cause of the crash is not known yet, several analysts have pointed out that the possibility of GE Aerospace's engine failure being the cause may have sent the stock for a spin.

The crash brought Boeing's safety record back under the scanner. Experts added that this could trigger deeper global regulatory scrutiny of Boeing's production and maintenance standards.

The aircraft, Air India flight AI-171, took off from Sardar Vallabhbhai Patel International Airport on Thursday afternoon and crashed shortly after in the Meghaninagar area. The plane burst into flames upon impact. Fire and rescue teams were immediately dispatched to douse the blaze, confirmed fire officer Jayesh Khadia.