Boeing Shares Drop by Ten Percent After Crash of 737 Max 8

Boeing Shares Drop by Ten Percent After Crash of 737 Max 8
Shares of Boeing slid ten percent after China, Indonesia and Ethiopia ordered airlines to ground their Boeing 737 MAX 8 planes following the second deadly crash involving the jet in just five months.

The losses put the stock on course for its biggest daily fall in nearly two decades, halting a surge that has seen Boeing’s market value triple in just over three years to a record high of $446 per share.

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The 5.3 percent drop in share price on Monday wiped nearly $13 billion off Boeing’s market value, an abrupt reversal for a stock that had been the runaway top performer so far this year on the Dow Jones Industrial Average.

A Nairobi-bound Boeing 737 MAX 8 operated by Ethiopian Airlines crashed minutes after takeoff from Addis Ababa on Sunday, killing all 157 on board.

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The same model, flown by Lion Air, crashed off the coast of Indonesia in October, killing all 189 on board.

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Oluseyi Adefowora

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