Boeing Shares Nosedive After Ukrainian Plane Crash

Boeing shares fell more than 2 percent during Wednesday's trading, after an Ukrainian plane crash.

The Ukrainian "Boeing 737" crashed shortly after taking off from Khomeini International Airport in Tehran.

Ukrainian President Volodymyr Zelensky confirmed that all 176 people on board had been killed, citing preliminary information.

The Ukrainian embassy in Tehran ruled out any terrorist or missile attack, noting that the technical committee will announce the cause of the crash.

Meantime, Iran announced its refusal to deliver the black box of the affected plane to Boeing, while suggesting that the plane's engine ignition was the cause of the crash.

By the end of today's trading, Boeing shares on the New York Stock Exchange (NTSE) fell 2.3 percent to $ 329.62.

The three years old Boeing 737-800 jet operated by Ukraine Airlines crashed soon after takeoff from Tehran's international airport.

It is noteworthy that the American carrier 737 Max, which undergone two fatal crashes, caused the grounding of the jet worldwide since March 2018.

The company has attributed earlier that its decision to suspend production of the “Max 737” aircraft to many factors, such as the uncertainty about the timing of the return of this model to service.

The airline was already forced to postpone their plans to return to the use of the “Max” fleet until  March, which means a full year halt after the second accident.