Boeing shares plunge as airlines ground planes following fatal Ethiopian Airlines crash

Shares in Boeing fell more than 11 per cent as the New York Stock Exchange opened as airlines grounded planes following yesterday’s fatal Ethiopian Airlines crash.

China’s airline regulator called for all Boeing 787 Max 8 domestic flights to be suspended, while Ethiopian Airlines and Cayman Airways have also grounded the model after one of the planes crashed after taking off from Addis Ababa yesterday, killing all 149 passengers and eight crew members. 

Read more: Ethiopian Airlines: 'No survivors' from crashed Boeing 737 plane

Yesterday’s fatal crash follows a similar incident in October last year, when a Lion Air flight using the same model crashed shortly after taking off from Jakarta, killing 189 people.

Following the incident Boeing issued a statement that said: “Boeing is deeply saddened to learn of the passing of the passengers and crew on Ethiopian Airlines Flight 302, a 737 Max 8 airplane.

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“We extend our heartfelt sympathies to the families and loved ones of the passengers and crew on board and stand ready to support the Ethiopian Airlines team.

“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 US National Transportation Safety Board."

Ethiopian Airlines said it has recovered the cockpit voice recorder and the digital flight data recorder from the wreckage.