Boeing Stock Falls Sharply After Ethiopian Airlines Crash; Crisis Mounts Over 737 MAX, With Several Countries Grounding the Plane

A Boeing 737 MAX 8 airliners taxis after landing at Boeing Field to complete its first flight on January 29, 2016 in Seattle, Washington. The 737 MAX is the newest generation of Boeing's most popular airliner featuring more fuel efficient engines and redesigned wings. (Photo by Stephen Brashear/Getty Images)
A Boeing 737 MAX 8 airliners taxis after landing at Boeing Field to complete its first flight on January 29, 2016 in Seattle, Washington. The 737 MAX is the newest generation of Boeing’s most popular airliner featuring more fuel efficient engines and redesigned wings. (Photo by Stephen Brashear/Getty Images)

The tragic Ethiopian Airlines crash on Sunday is raising doubts on Wall Street about Boeing.

Boeing’s (BA) stock declined 9% on Monday morning in the aftermath of the second deadly crash of its bestselling 737 MAX 8 jet in five months. All 157 people on board the Ethiopian Airlines flight were killed when the plane fell out of the sky shortly after takeoff.

The sharp selloff is a sign that Boeing has a serious crisis on its hands. Almost three-quarters of Boeing’s 2018 deliveries were 737 planes. And Boeing plans to build 59 new 737s each month in 2019.

The loss of life in the Sunday crash poses serious safety questions for Boeing and regulators investigating the incidents. China, Indonesia and several other airlines have already grounded the 737 MAX 8, raising the pressure on Boeing.

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SOURCE: Matt Egan, CNN Business