Shares of Singapore Airlines (SIA), which holds a 25.1 per cent stake in Air India, dropped on the Singapore Exchange on Friday, a day after the Indian carrier's plane crash in Ahmedabad.

Shares of SIA were down 1.7 per cent, or 12 Singapore cents, to SGD 6.91 as at the midday trading break, after earlier falling up to 2.1 per cent, according to The Straits Times.

At least 265 people were killed when a London-bound Air India plane carrying 242 passengers and crew crashed into a medical college complex shortly after taking off from the Ahmedabad airport.