Aircraft tore down esplanade, by dropping dive-bomb initially (8)

I believe the answer is:

seaplane

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'aircraft' is the definition.
(seaplane is a kind of aircraft)

I don't understand the rest of the clue.

(Other definitions for seaplane that I've seen before include "Floating aircraft" , "Marine aircraft" .)

I've seen this clue in The Hindu.

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