Boeing shares tumbled more than 8 percent in premarket trading on Monday, a day after a new Ethiopian Airlines Boeing 737 MAX 8 plane crashed shortly after takeoff, killing all 157 people on board and marking the second fatal crash of the manufacturer's best-selling aircraft.
China's civil aviation regulator on Monday told domestic airlines to ground the Boeing 737 MAX 8 jets following the crash, a move later echoed in Indonesia. Cayman Airways and Ethiopian Airlines said they too would take the planes out of service temporarily.
Ethiopian Airlines Flight 302 crashed shortly after takeoff for Nairobi from the Ethiopian capital Addis Ababa on Sunday. In a notice posted on its website China's aviation regulator said the crash was similar to that of Lion Air Flight 610, another Boeing 737 MAX 8, which went down in the Java Sea minutes after departing Jakarta.
Boeing shares have gained more than 31 percent this year, making the stock the biggest gainer in the Dow Jones Industrial Average.
via IFTTT
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