FAA grounds 171 Boeing 737 Max 9s
Aircraft manufacturer Boeing shares were in free fall early on Monday after the US aviation watchdog said 171 Boeing 737 Max 9 planes would remain grounded until it was satisfied that the planes were safe.
Boeing Co.
$179.34
11:04 24/12/24
Dow Jones I.A.
43,297.03
04:30 15/10/20
The Federal Aviation Administration's investigation into the jets comes after part of an Alaska Airlines plane's fuselage fell off on Friday.
The FAA stated its first priority was "keeping the flying public safe", while chief executive Dave Calhoun stated Boeing's response "is and must be" the focus of the company.
Boeing's 737 Max has been branded "the most scrutinised transport aircraft in history" following a series of safety issues, including being grounded in March 2019 for 18 months after two vehicles crashed in similar circumstances to each other.
Boeing has also vowed to increase the pace of 737 Max deliveries after resolving a supply error that called for lengthy inspections of new planes and its inventory.
As of 1540 GMT, Boeing shares were down 8.17% at $229.44 each.
Reporting by Iain Gilbert at Sharecast.com