(ASN) Shares of plane maker Boeing Co. shed more than 8% on Monday after reports emerged that a 737-800NG plane with over 130 passengers crashed in China.
The Aviation Safety Network reported that the plane was enroute to Guangzhou China, from Kunming. The plane was owned by China Eastern Airlines Corp.
The plane, which reportedly went ablaze after crashing, is said to have been lost over the city of Wuzhou. The regulator said it had started an emergency response.
The latest Boeing crash adds pressure to the stock, with the company already facing backlashes following two other fatal accidents that killed about 346 passengers.
Boeing was already planning a re-entry of its 737 Max as air travel emerged from the ruins of the pandemic. Earlier in the month, Boeing was reported to have flown a Max to its delivery center in Zhoushan China, the first time since it received recertification.
The crash is the first involving a 737-800 jet since January 8, 2020. The 737-800 NG preceded the 737 Max.
BA: NYSE is down -8.05%
