Boeing extends losses as more airlines ground jets

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Photo taken on March 11, 2019 shows the crash site of an Ethiopian Airlines plane near Bishoftu town, about 45 km from the capital Addis Ababa, Ethiopia. [Photo/Xinhua]

Boeing shares continued to decline on Tuesday, sending the stock to plunge more than 11 percent this week, as more aviation regulators and air carriers around the globe banned the aerospace giant's 737 Max jets after Sunday's deadly crash in Ethiopia.

The Ethiopian Airlines Boeing 737 MAX 8 bound for Nairobi, Kenya, crashed shortly after taking off from the Ethiopian capital Addis Ababa, killing all 157 people on board, drawing renewed scrutiny of the plane after a 2018 crash of the same model in Indonesia claimed 189 lives.

A wave of aviation authorities and airlines on Tuesday joined in the grounding of Boeing 737 Max jets. Europe's aviation safety regulator issued a continent-wide ban on flights of the aircraft model following the similar actions by Australia, Singapore and Malaysia. China was among the first to ban the 737 Max on Monday.

Although it is too early to determine what caused Sunday's deadly crash, there was growing concern about the safety of the 737 Max aircraft as the two crashes that occurred in half a year involved the new model of the 737 Max family that were delivered not long ago.

Boeing acknowledged the decision made by regulators but said Tuesday it has "full confidence in the safety of the MAX."

"We understand that regulatory agencies and customers have made decisions that they believe are most appropriate for their home markets," the aircraft manufacturer said in a statement.

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