Boeing Co shares dropped 10% on Monday after Ethiopia, China, and Indonesia ordered airlines to ground their 737 MAX 8 fleets following the crash of an Ethiopian Airlines flight near Addis Ababa. The incident marked the second fatal accident involving the model in five months, triggering a $32 billion loss in market value.
The crash on March 10 killed all 157 passengers and crew aboard the Nairobi-bound aircraft, mirroring the October 2018 Lion Air disaster that claimed 189 lives. Chinese regulators grounded nearly 100 737 MAX 8 planes operated by domestic carriers, while Ethiopian authorities recovered both black box recorders from the wreckage.
Boeing stated investigations into the Ethiopian crash were in early stages, with no immediate changes to safety protocols for operators. However, bond spreads widened as traders reacted to the crisis, and Wall Street analysts remained divided on long-term implications.
Despite the decline, 19 of 24 brokerages maintained
