Updated: March 7, 2021
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.
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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.