Boeing Co. shares fell by the most in three years on Monday after China, Indonesia and Ethiopia ordered airlines to ground their 737 MAX 8 planes following the second deadly crash of one of the jets in just five months.
The drop — around 7 percent in late morning trade — wiped nearly $16 billion off Boeing's market value, marking an abrupt reversal for a stock that had been the runaway top performer this year in the Dow Jones Industrial Average.
With a stock price near $400 a share, it was by far the largest drag on the price-weighted blue chip index on Monday.
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