The value of aircraft giant, Boeing’s stocks have crashed in various stock markets as several countries ban the accident-prone 737 Max 8.
According to Market Insider, Boeing tumbled again in New York trading on Tuesday, following a 5.3% plunge on Monday, after the UK, Australia and Singapore became the latest to suspend use of all Boeing 737 Max planes.
Boeing’s stock is down 3.6%, equivalent to a drop of about $7.8 billion from Boeing’s market capitalization. The UK’s Civil Aviation Authority says it will prohibit the model from flying in or over UK airspace “as a precautionary measure,” the BBC reported.
Mexican, Brazilian and Argentine carriers also said they will ground Boeing 737 Max planes, the Wall Street Journal reported. The countries follow Indonesia and China in grounding the jets after the crash of Ethiopian Airlines Flight 302 on Sunday, which killed all 157 people on board.
Before the UK’s announcement, the WSJ said that some 40% of all the 737 Max planes that Boeing has delivered since May 2017 are now suspended from flying.
“Several airlines and regulators have grounded the Max 8 model, but Australia and Singapore are understood to be the first countries to ban planes from across Boeing’s Max fleet,” the Guardian wrote on Tuesday.
The stock decline in premarket trading is chipping into the Dow. The index is down 0.1% as of 9:50 a.m. in New York.
The crash has prompted some countries and airlines to halt their fleets while Boeing investigates whether there’s a link between Ethiopia’s disaster and the crash of Lion Air Flight 610, which plunged into the Java Sea 12 minutes after take-off in October.
A Boeing representative told Business Insider in an email earlier this week that a Boeing technical team would be traveling to the crash site in Ethiopia to provide technical assistance with the investigation. The Lion Air crash is still being investigated as well.