Boeing Market Capitalization Sinks by $24Bln Amid Boeing 737 MAX Flights' Mass Suspension
The market capitalization of the Boeing aircraft manufacturer has decreased by some $24 billion in two days as a growing number of states and carriers suspend flights of Boeing 737 MAX planes after a deadly crash in Ethiopia, the stock market data showed on Wednesday
MOSCOW (Pakistan Point News / Sputnik - 13th March, 2019) The market capitalization of the Boeing aircraft manufacturer has decreased by some $24 billion in two days as a growing number of states and carriers suspend flights of Boeing 737 MAX planes after a deadly crash in Ethiopia, the stock market data showed on Wednesday.
On Sunday, a Boeing 737 MAX 8, operated by Ethiopian Airlines, crashed minutes after takeoff from Addis Ababa, Ethiopia. All 157 people from more than 30 countries onboard the airplane died. That was the second fatal incident involving this type of plane in five months.
The first one occurred in Indonesia on October 29 last year and claimed 189 lives.
According to the Trading Economics portal, Boeing's market capitalization on late Monday amounted to some $399 billion, while currently the indicator stands at about $375 billion.
Within recent two days a number of countries, including EU states, China, India, and Australia, have suspended the flights of Boeing 737 MAX planes. Dozens of airlines have also announced they are grounding the aircraft.