21 Mar 2022
Boeing Shares Plummet after 737 Aircraft Crashes in Southern China
The Index Today
Boeing Co.’s shares plunged on Monday after aircraft 737 crashed into the mountains of Southern China with 132 people on board.
While the cause of the crash has not been determined yet, rescue efforts teams have found no survivors. According to Reuters, China Eastern Airlines confirmed in a statement that “the plane has crashed." Following this, the airline company’s U.S.-listed shares plummeted by 15.8%.
Boeing’s shares had inched down at $177.40 as China Eastern's American Depositary Receipts edged lower at $15.89 as a result.
The aircraft that crashed was a six-year-old Boeing 737-800, succeeded by the 737 MAX model, as per Flightradar24. This tragedy comes as Boeing attempts to seek regulatory sanctions in China for 737 MAX aircraft model, its major source of revenue. The present Boeing airplane crash follows two tragic accidents in Ethiopia and Indonesia.
©Photo: Financial Times