INSUBCONTINENT EXCLUSIVE:
Shares of Boeing Co slid 9 percent in pre-market trading on Monday as many airlines grounded the planemaker's best selling 737 MAX 8
passenger jet following the second deadly crash involving the plane.
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.
The Civil Aviation Administration
of China ordered Chinese airlines to ground all Boeing 737 MAX 8 planes after the crash
The CAA said it would contact the United States Federal Aviation Administration and Boeing regarding the resumption of operations once they
are assured that measures have been taken to ensure safety.
Ethiopian Airlines said it had grounded its 737 MAX 8 fleet until further notice
as an "extra safety precaution" even though it did not know the cause of Sunday's crash.
The 737 MAX 8 uses LEAP-1B engines made by CFM
International, a joint venture of General Electric Co and Safran SA
Shares in Safran also fell 1.6 percent on Monday.
Boeing said on Monday the investigation into the Ethiopian Airlines crash is in its early
stages and there is no need to issue new guidance to operators of its 737 MAX 8 aircraft based on the information it has so far.
Shares of
rival Airbus SE were up 0.5 pct.
