The Boeing Company (NYSE: BA) suffered another blow on Tuesday after the European Union Aviation Safety Agency (EASA) suspended the flight operations of all 737-8 Max airplanes in the continent.
EASA’s decision comes after the tragic Ethiopian Airlines Flight 302 crash that killed its157 passengers and crew on Sunday. According to the agency, its decision is a precautionary measure to ensure the safety of passengers.
Australia, China, Indonesia, and the United Kingdom also grounded all flights involving Boeing 737 Max airplanes.
Over the past two days, the stock price of Boeing declined 11 percent. On Monday, BA shares dropped 5 percent $399.82 each and tanked another 6 percent to $375.41 each on Tuesday.
In a statement, Boeing emphasized that its number one priority is safety. The company expressed its full confidence on the safety of its 737 Max airplanes.
Additionally, company said, “We understand that regulatory agencies and customers have made decisions that they believe are most appropriate for their home markets. We’ll continue to engage with them to ensure they have the information needed to have confidence in operating their fleets.”
FAA Administrator says there’s no basis to ground Boeing 737 Max
On the other hand, Daniel Elwell, the administrator of the U.S. Federal Aviation Administration (FAA) said is conducting an extensive review of all available data and aggregate safety performance from pilots and operators of the Boeing 737 Max.
