Boeing shares dip 8% after grounding 737 MAX 9 aircrafts

Boeing shares witnessed a sharp decline in pre-market trading today, Monday, due to news that the Federal Aviation Administration had directed the temporary grounding of dozens of Boeing 737 “MAX” Model 9 aircraft, which led to a decline in shares by 8% in… First trading hours…

The Federal Aviation Administration said on Saturday that about 171 aircraft around the world would be affected by its emergency airworthiness directive, which requires aircraft to be inspected before flying again. The matter applies to American airlines and transportation companies operating in American territories

“Safety will continue to drive our decision-making as we assist the National Transportation Safety Board’s investigation into Alaska Airlines Flight 1282,” FAA Administrator Mike Whitaker said in a statement.

Of the 171 planes grounded under the directive, United Airlines owns 79 and Alaska Airlines 65, while the remaining 74 are spread across six other airlines. The 178-seat plane that was involved in Friday’s explosion was delivered to Alaska Airlines on November 11.