Boeing ‘s stock prices dropped on Monday after an Ethiopian Airlines Boeing 737 Max 8 plane crashes this past weekend. The company, which made the plane that crashed, has been affected by safety concerns following the incident.
Aviation authorities in Ethiopia, China, and Indonesia have reportedly grounded their Boeing 737 Max 8 jets from flying.
Officials say the decision to ground the planes is based on safety. The planes will remain grounded until investigators can ascertain the cause of the Ethiopian Airlines crash which left over 100 people dead.
Another Boeing plane crashed in Indonesia some months ago, killing about 189 people.
Additional reporting by AP:
Boeing’s stock plunged 7 percent Monday as aviation authorities in China, Indonesia and Ethiopia ordered airlines to ground their Boeing 737 Max 8 planes the day after one crashed in Ethiopia, killing all 157 people on board.
The crash of the Ethiopian Airlines jet shortly after it took off from Addis Ababa on Sunday is drawing renewed scrutiny of the plane just four months after a similar crash of the same model that killed 189 people in Indonesia.
“Safety is our number one priority and we are taking every measure to fully understand all aspects of this accident, working closely with the investigating team and all regulatory authorities involved,” the company said in a statement.
Boeing’s stock fell to $391.80 in afternoon trading.