Shares of Boeing tumbled before the opening of US markets following the crash in Ethiopia of a Boeing 737 Max 8, the second deadly crash since October.
All 157 people on board were killed on Sunday.
A Lion Air model of the same plane crashed in Indonesia last year, killing 189 people.
Shares of Boeing Co. had been soaring since the beginning of the year but plunged more than 9 per cent in premarket trading on Monday. If that trend holds, it could be one of the company’s worst trading days in about a decade.
In the first few minutes of trading on Monday morning the share price took an 11 per cent dive to $US371.62 from the previous closing price of $US422.54.
As trading continued the price remained volatile, hovering around a 9 to 7 per cent dip.
The steep drop in Boeing weighed down the entire industrial sector and the Dow for the day’s trading.
Airlines in Ethiopia, China and Indonesia grounded Boeing 737 MAX 8 jets on Monday as investigators recovered the black boxes from the brand-new passenger jet that crashed outside Addis Ababa a day earlier, killing all on board and littering the ground with debris.
The Nairobi-bound plane — the same type as the Indonesian Lion Air 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”.
Hopes were raised on Monday of finding answers for the deaths of people from 35 countries, including two dozen UN staff, that prompted Ethiopia to declare a day of mourning.
“After tedious search by the rescue and investigation team … Ethiopian Airlines announces that the Digital Flight Data Recorder (DFDR) and Cockpit Voice Recorder (CVR) of ET302 have been recovered,” the state-owned carrier said in a statement, using the flight number.
The airline, Africa’s largest, added it had grounded its fleet of six remaining Boeing 737 MAX 8 planes pending information “assumed to be found from the black box data.”
On Monday investigators recovered the black boxes from the new passenger jet that crashed outside Addis Ababa a day earlier, as Boeing share prices took a tumble. Picture: AFP
On Monday investigators recovered the black boxes from the new passenger jet that crashed outside Addis Ababa a day earlier, as Boeing share prices took a tumble. Picture: AFPSource:AFP
This followed on the heels of China, which ordered domestic airlines to suspend commercial operation of the Boeing 737 MAX 8. There were eight Chinese nationals among the 149 passengers and eight crew on board the ill-fated flight.
Indonesia, which has 11 of the planes, said it would “carry out inspections and temporarily prohibit Boeing 737 Max 8 from flying.”
Boeing has described the MAX series as its fastest-selling aeroplane ever, with more than 5,000 orders placed to date from about 100 customers.
State-owned Ethiopian Airlines had ordered 30 MAX 8 jets in total, and China has received 76 from an order of 180.
The plane that crashed Sunday was less than four months old. It had been delivered on November 15, Ethiopian Airlines said.
Carrier flydubai said Monday it would not ground its MAX 8 Boeings, with a spokesman saying: “We remain confident in the airworthiness of our fleet.”
South Korea said it had sent a team of four inspectors to low-budget airliner, Eastar Jet, that runs two B737 MAX 8 planes, and Royal Air Maroc said its sole MAX 8 was undergoing maintenance.
A committee comprising Ethiopian Airlines, Ethiopian Civil Aviation Authority and Ethiopian Transport Authority was set up to led the investigation, in which American experts will also take part.
Ethiopian Airlines CEO Tewolde GebreMariam said the plane had flown in from Johannesburg early Sunday, spent three hours in Addis and was “dispatched with no remark”, meaning no problems were flagged, before taking off again.