Boeing says the investigation into the Ethiopian Airlines crash is in its early stages and there is no need to issue new guidance to operators of the 737 MAX 8 aircraft thus far
Bengaluru — Shares of Boeing slid 10% on Monday after China, Indonesia and Ethiopia ordered airlines to ground their Boeing 737 MAX 8 aircraft following the second deadly crash involving the jet in just five months.
A Nairobi-bound Boeing 737 MAX 8 operated by Ethiopian Airlines crashed minutes after takeoff from Addis Ababa on Sunday, killing all 157 on board. The same model, flown by Lion Air, crashed off the coast of Indonesia in October, killing all 189 on board. "[It is the most expensive stock on the index [and] without any question is going to be the theme for the Dow index today ... but I don't see a spillover to any other indexes except airlines."
Morgan Stanley analyst Rajeev Lalwani said there would be concerns of disruption around safety, production, groundings, and costs, but that those should all be manageable longer-term. Earlier in the day, China's aviation regulator grounded nearly 100 Boeing 737 MAX 8 aircraft operated by its airlines after the crash.
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