A senior Air India official said two pilots were suspended on the same day of the incident.
During approach at the airport, the aircraft "descended rapidly and deviated significantly from the normal glide path triggering a Ground Proximity Warning System alert", as per a preliminary report prepared by Hong Kong's Transport and Housing Bureau.
The crew recovered the aircraft at about 200 feet above mean sea level before performing a go-around and later landed "uneventfully"on the second approach, the report said.
Hong Kong's Air Accident Investigation Authority is probing the serious incident.
"The investigation team is conducting detailed analysis of the data and information collected in order to determine the circumstances and causes of this serious incident.
"During the course of the investigation, should any safety recommendation be necessary, it will be promulgated immediately," the report said.
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