Boeing shares plummeted following the plane crash in Ethiopia.

According to RT news agency, shares of aircraft manufacturer Boeing fell by more than 12% in this morning's trading session on March 11th. This is Boeing's biggest drop in nearly 20 years since September 17th, 2001, a few days after the 9/11 terrorist attacks in the US.

Following the plane crash in Ethiopia that killed 157 people, Boeing's stock plummeted. The drop in Boeing's share price, the highest-priced stock in the Dow Jones, caused the market to lose 300 points on the morning of March 11th. In afternoon trading, the stock recovered slightly after falling to a low of over 13%.

Earlier, in pre-market trading, Boeing shares had fallen 10%.

This is the consequence of the second aviation disaster in the past four months involving the Boeing 737 Max 8 aircraft. This is Boeing's newest model, which the company introduced on its maiden flight less than two years ago.

According to recent reports, Boeing has delivered more than 350 737 MAX aircraft and has over 5,000 more under order. Many airlines around the world have ordered this aircraft from Boeing. In 2018, three-quarters of the company's deliveries were for the 737. The company also plans to produce 59 more of these aircraft in 2019.

The sharp drop in stock price is an indication that Boeing is facing a serious crisis.

If trading on March 11th closes with Boeing shares down more than 10.4%, it would be the company's worst day since September 17th, 2011, the day the market reopened after the 9/11 terrorist attacks.

Not only Boeing's stock, but also its suppliers were affected by the accident. Spirit AeroSystem's stock lost 8% while United Technologies lost 1%. Even Southwest Airlines, after tweeting that it continues to "trust in the safety of its aircraft," including 34 737 Max 8s, lost 2% of its market value.

The Ethiopian Airlines plane that crashed on March 10th was delivered by Boeing in November 2018. It was one of six Boeing 737 Max 8 aircraft that the airline was operating.

Facing two consecutive aviation accidents that killed more than 300 people within four months, Boeing encountered strong reactions from many international airlines.

Following the latest Ethiopian Airlines plane crash, more than 10 airlines have temporarily suspended operations of their Boeing 737 MAX 8 fleets. Besides Ethiopia, China was one of the first countries to temporarily ban its airlines from using this aircraft type. China has one of the largest 737 Max 8 fleets, with 97 aircraft.

Indonesia, Mongolia, Morocco, and the Cayman Islands are the next countries and territories to temporarily suspend the operation of Boeing 737 MAX 8 aircraft. Cayman Islands Airlines and Ethiopian Airlines have both temporarily suspended the use of the Boeing 737 Max 8.

Most recently, the Indonesian Ministry of Transportation also requested a ban on operating this type of aircraft. This move is particularly noteworthy because the country's airline, Lion Air, was the victim of a plane crash that killed 189 people. Lion Air alone operates eight 737 Max aircraft.

The aviation incident forced Boeing to postpone the launch of its next-generation 777X jet. The incident also threatened to damage the reputation of the American airline regarding safety issues.

Nga Nguyen