Boeing Stock Drops as Deadly South Korean Crash Marks Latest Setback | Global News Avenue

Boeing (BachelorShares of South Korea’s Jeju Air fell 4% in premarket trading on Monday after a 737-800 operated by South Korea’s Jeju Air crashed in the latest incident involving a plane from the U.S. company, killing 179 people.

according to wall street journalThe plane hit a concrete barrier and caught fire while trying to land in Muan County, South Korea, on Sunday. All but two of the 181 people on board the flight from Bangkok, Thailand, died.

Shares of Jeju Air, a low-cost carrier founded in 2005, fell nearly 9% in trading in Seoul on Monday, hitting a record low.

Crash is latest problem facing Boeing

Boeing has fighting one a series of questions The quality of its aircraft is most notable this year when an Alaska Airlines door jam exploded in the air (ALK) flights in January. This resulted in the US Federal Aviation Administration (FAA) grounding expansion plan The American aviation giant’s best-selling 737 MAX.

security issues and West Coast factory strike That lasted nearly two months and ended in November, resulting in cost-cutting initiatives include Thousands of jobs laid off. Boeing subsequently raised billions of dollars to shore up its finances and stem the flow of cash.

“We are in contact with Jeju Air regarding Flight 2216 and stand ready to provide support to them,” a Boeing spokesperson said in a statement. Investment Encyclopedia. “Our deepest condolences go out to the families who lost their loved ones and our thoughts are with the passengers and crew.”

As of Friday’s close, Boeing shares had fallen 30% this year.