Mar 22, 2022: According to an AFP report, Boeing shares took a tumble Monday following the fatal crash of one of its jets in China, where the U.S aviation giant was poised to soon resume deliveries of the 737 MAX.

Boeing shares fell 5.6 percent to $182.06 in mid-morning trading, making it the biggest loser in the benchmark Dow Jones Industrial Average.

The crash involved a Boeing 737-800 series aircraft.

The catastrophe signaled an unusually strong public reaction from President Xi Jinping, who said he was “shocked” and ordered an immediate investigation into the cause. The drop in shares may reflect concerns that the delivery time frame for the Boeing 737 MAX will be affected as Chinese authorities investigate the crash.

A delay in Chinese deliveries could also potentially affect Boeing’s plans to ramp up manufacturing of the MAX.

A spokesman for Boeing said, “We are aware of the initial media reports and are working to gather more information,”

Late last year China became one of the last aviation authorities to re-certify the Boeing 737-MAX jet after the model experienced two fatal crashes in 2019.

Earlier this year, Boeing officials expressed confidence that MAX deliveries could resume in China in the first quarter, which ends in 10 days.

Boeing Chief Executive David Calhoun said Chinese officials had undertaken a “perfectly predictable and methodical” approach to certifying the MAX.

“They’re taking test flights in a very methodical, intelligent way,” Calhoun said on a January 26 conference call with Wall Street analysts.

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