From fifth on the grid, Perez made a good start and at the first corner he tried to go around the outside of poleman Charles Leclerc and his own team-mate Max Verstappen.
The Ferrari hit his rear wheel and pitched him up into the air and into the run-off area.
Perez was able to get back to the pits but the team soon determined that the damage was too extensive for him to be able to continue.
“I’m absolutely gutted to see Checo go out on the first corner,” said Horner when asked by Motorsport.com about the incident.
“He had probably his best start of the season, got the draft and the tow from the three cars ahead, so arrived with massive over-speed.
“And you can’t blame him, at his home race, going to try to take the lead of the grand prix. I think you’d have to call it a racing incident, because three into one doesn’t go, and Charles, obviously, couldn’t get out of it and he braked late.
“Frustrating for Checo, and really disappointing for his fans to lose him at the first corner. The guys did their best to get him back out but there was just too much damage to the floor and underbody of the car. You could see on the replay that Charles was in a bit of a Red Bull sandwich.”
Source: Autosport