Several major airlines, including Alaska Airlines, United Airlines, and Turkish Airlines, have decided to ground their 737 MAX 9 aircraft following a recent incident. During an Alaska Airlines flight, part of the plane unexpectedly tore away only ten minutes after takeoff, at an altitude of approximately 16,000 feet. Thankfully, no fatalities were reported.
In response to the incident, the Federal Aviation Administration (FAA) issued an order to temporarily ground “certain” Boeing 737 MAX 9 planes, affecting a total of 171 aircraft. This decision has had a significant impact on the stock market, with shares of Boeing Co. dropping by 7% during premarket trading, thereby affecting the Dow Jones Industrial Average.
Spirit Aerosystems Inc., the manufacturer of the fuselage, also experienced a decline in its stock value, falling by 13.9%. Copa Airlines and Aeromexico joined United Airlines, Alaska Air Group Inc., and Turkish Airlines in grounding approximately 40 Boeing 737 MAX 9 planes.
Other notable airlines affected include Jet Airways of India with one plane, Jin Air of Korea with three planes, KLM Royal Dutch Airlines with five planes, and Korean Air with nine planes. Understandably, such incidents have prompted not only the FAA but also European regulators to ground the Boeing 737 MAX 9 aircraft for further inspection and evaluation.
Reports indicate that major airlines such as American Airlines, Southwest Airlines Co., and Air Canada do not operate any Boeing 737 MAX 9 planes in their fleets.
This latest grounding has caused concern among investors, leading to a slump in Boeing’s stock and impacting Spirit AeroSystems as well. Further investigations are underway to address the issues surrounding the Boeing 737 MAX 9 aircraft.
Also read: Shares in Boeing slump, supplier Spirit AeroSystems tanks, after panel blows out
