Boeing shares were down Monday morning after South Korea announced it is launching an investigation into the nation’s airline operations following the deadliest plane crash in the country’s history, which involved a Boeing aircraft.
Acting South Korean President Choi Sang-mok announced the probe Monday, and the country’s transport ministry said a special inspection of all 101 Boeing 737-800 aircraft operated by South Korean airliners would begin that day, focusing on the maintenance record of key components.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BA | THE BOEING CO. | 156.54 | +1.10 | +0.71% |
Boeing shares fell more than 4% in early trading following the announcement Monday morning before recovering some to remain down 2.3% to around $176.52 per share as of 11:30 am ET.
Boeing declined to comment on the investigation, referring FOX Business to the Republic of Korea’s Ministry of Land, Infrastructure and Transport (MOLIT) instead.
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The U.S. also said Monday it is sending investigators to help determine what caused the accident at Muan International Airport in Muan, South Korea, the day before, leaving only two survivors out of 181 onboard when a Jeju Air flight skidded off the runway and crashed into a concrete fence.
Footage of the incident shows the 15-year-old Boeing 737-800 jet sliding down the runway on its belly after its landing gear failed to deploy.Â
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The Boeing 737-800 is a different model than the planemaker’s 737 Max, which has fallen under scrutiny over the past year after a door panel blew off a 737 Max jet in midair on Jan. 5.
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The company has lurched from crisis to crisis throughout 2024. Since the door flew off its 737 Max, the CEO departed, its production has slowed as regulators investigated its safety culture and the company has implemented a series of layoffs.
Fox News’ Taylor Penley and Reuters contributed to this report.
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