Boeing shares slide by 9pc in pre-market trade

Business | 11 Mar 2019 8:06 pm

Airline stocks tumbled in premarket trade in the US Monday, as Boeing Co. shares cratered after a deadly crash involving the aerospace giant’s 737 Max 8 aircraft in Ethiopia, the second fatal accident involving the aircraft in six months.

Boeing shares slid by more than 9 percent on the news that the aircraft operated by Ethiopian Airlines crashed shortly after taking off from the capital of Addis Ababa, killing all 157 people on board. In October, the same plane, operated by Indonesia Lion Air, crashed into the sea, killing all 189 passengers on board. China’s civilian aviation authority has ordered all airlines to ground Max 8 planes, while Ethiopian Airlines has grounded its entire fleet of the model, MarketWatch reports.

No immediate comment from Boeing was available. The company tweeted that it was "deeply saddened to learn of the passing of the passengers and crew” on the Ethiopian Airlines airplane. The company is planning to send a technical team to the crash site to help Ethiopian and U.S. investigators, the Associated Press reported.

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