Singapore: The AirAsia plane which went missing with 162 people on board en route for Singapore is likely at the bottom of the sea, Indonesia’s National Search and Rescue Agency chief said Monday.

“Based on the coordinates given to us and evaluation that the estimated crash position is in the sea, the hypothesis is the plane is at the bottom of the sea,” Bambang Soelistyo told a press conference. “That’s the preliminary suspicion and it can develop based on the evaluation of the result of our search.”

“Due to the lack of technology that we have, I have coordinated with our foreign minister so we will borrow from other countries which have offered. They are the UK, France and US,” he said.

After search operations were suspended due to bad weather and darkness at around 5.30 pm Singapore national time, they were resumed today again. The Australian air force and navy joined the search ops.

Hours after AirAsia’s QZ8501 disappeared and remained untraceable, the company’s shares plunged by 11.6 percent today morning. The plane has been missing for over a day now and hopes of finding survivors are depleting fast, given that the aircraft had enough fuel to only fly 4.5 hours.