Aircraft giant Boeing’s shares dropped nearly twelve percent shortly after markets opened Monday, a day after an Ethiopian Airlines jet crashed, killing all 157 people on board.
The Dow Jones Industrial Index sharply dropped as a result early Monday, capping gains in the broader markets.
Airlines in China, Indonesia, and Ethiopia grounded all Boeing 737 MAX 8 airplanes after that model crashed on Sunday on its way to Nairobi. The Boeing 737-MAX 8 is also the same model that took off in October from Jakarta and crashed into the Java Sea a few minutes later, killing all 189 people onboard a Lion Air flight.
Boeing released a statement shortly after Sunday’s crash expressing its “heartfelt sympathies” to the friends and families of victims.
“A Boeing technical team will be travelling to the crash site to provide technical assistance under the direction of the Ethiopia Accident Investigation Bureau and U.S. National Transportation Safety Board,” it read.
Boeing has not publicly addressed concerns about the 737 MAX 8 model or the grounding of its planes in three countries.