Shares of Singapore Airlines (SIA) fell on the Singapore Exchange on Friday, June 13, following a deadly plane crash involving Air India, in which SIA holds a 25.1 percent stake.
The decline came a day after an Air India flight crashed in Ahmedabad, India, killing over 270 people. The aircraft, which was headed to London, went down shortly after takeoff, crashing into a medical college complex. It was carrying 242 passengers and crew members.
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SIA’s shares dropped 1.7 percent, or 12 Singapore cents, to SGD 6.91 by the midday trading break.
Earlier in the day, the shares had fallen as much as 2.1 percent. The wider Singapore market was also lower, with the Straits Times Index falling 0.5 percent.
This followed broader declines across Asian markets after Israel launched airstrikes on Iran, raising concerns about rising tensions in the Middle East and pushing oil prices higher.
Singapore Airlines said it is supporting Air India during this time. The airline extended its condolences to the passengers, crew, and their families. SIA’s connection to Air India began after the Indian airline merged with Vistara in November 2024. Vistara was previously a joint venture between Tata Sons and SIA.
With its stake in Air India, Singapore Airlines is now directly involved in the fast-growing Indian aviation market. The two airlines also maintain a codeshare agreement, allowing them to sell seats on each other’s flights.
