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Boeing shares plummet by more than 10 pc after Ethiopia crash

AFP  |  New York 

Shares of plummeted by more than 12 percent on Monday in premarket trading, the day after the crash of a 737 Max 8 in killed 157 people.

The crash was the second in less than six months to involve the popular model of airliner, causing air carriers in Ethiopia, and to ground the jets pending investigations.

Toward 1300 GMT, Boeing, a member of the Dow Jones Industrial Average, had dropped 12.3 per cent to USD 371.32 a share, dragging down futures for the Dow and helping put Wall Street on track for a sixth day and threatening to wipe as much as USD 30 billion from Boeing's market capitalization.

The Nairobi-bound plane -- the same type as the Indonesian jet that crashed in October, killing 189 passengers and crew -- smashed into a field just six minutes after takeoff as the pilot alerted controllers of "difficulties."

has described the MAX series as its fastest-selling airplane ever, with more than 5,000 orders placed to date from about 100 customers.

State-owned had ordered 30 MAX 8 jets in total, and has received 76 from an order of 180.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, March 11 2019. 20:58 IST