Boeing shares crumbled on Monday morning following a deadly plane crash on the horn of Africa on Sunday.
The Boeing 737 MAX 8 aircraft crashed on Sunday morning in Ethiopia, killing all the 157 passengers and crew on board.
Amongst the dead was a popular Nigerian Professor and a former diplomat.
It was the second time in six months since a similar plane crashed in Indonesia in October last year.
In Ethiopia on Sunday, the plane came down only 8 minutes after take off while in Indonesia last October it was 13 minutes after take off.
With these two incidents so similar, many quickly dubbed the Boeing 737 MAX 8 as a killer plane.
After China, Indonesia and Ethiopia suspended the use of 737 MAX 8 planes, Boeing stocks went down 12 percent in early trading on Monday to $375.72.
The sharp fall in Boeing stocks single-handedly caused the Dow to plunge 242.24 points at the opening.
In all, shares in Boeing were set to see $21 billion wiped off their value.
Reports said the company was on track for one of its worst trading days in nearly two decades.
Cayman Airways was also grounding all Boeing 737 MAX 8 aircraft.
Meanwhile, Boeing announced on Monday that it would delay the launch of its new 777X jetliner.
Boeing’s shares lost 12 percent in the weeks following the Lion Air crash last year.
The cause of the Indonesian crash is still being investigated, although a preliminary report issued in November, before the cockpit voice recorder was recovered, focused on airline maintenance and training and the response of a Boeing anti-stall system to a recently replaced sensor.
It gave no reason for the crash.
I was born in a small village in Cameroon, groomed in Nigeria’s most populous city of Lagos, and moved to Washington D.C. to practice journalism at a global level. From here in the American capital, I ask big questions to leaders around the world, and focus on business, investment and politics in Africa. Back in Africa while doing my job, I was kidnapped, dumped in the woods and left for dead but survived, only to be attacked at gunpoint by sea pirates, arrested by security forces and falsely accused of being a spy for terrorists. As the publisher of TODAY NEWS AFRICA, I do not have the budget of Fox News, CNN or Amazon. I raise money through donations on patreon.com/todaynewsafrica.