The crash of an Air India Boeing 787 Dreamliner in Ahmedabad, shortly after takeoff on Thursday, June 12, left at least 265 people dead. The tragedy comes as Modi's government has been making massive efforts for years to turn India into an aviation powerhouse.

The deadly crash of an Air India flight carrying more than 240 people on Thursday arrives after years of efforts to turn around the country’s flag carrier — which had been plagued by tragedy and financial losses under prior state ownership.

The selloff in aviation stocks (IndiGo and SpiceJet) was influenced by the crash and also rising geopolitical tensions in the Middle East.