Boeing's Financial Crisis Continues As UK Suspends 737 MAX 8 Jets

Amid The Boeing Co. (BA) financial crisis, the United Kingdom has revealed this week they too are grounding 737 Max commercial planes. The announcement comes after the fatal crash in Ethiopia on Sunday, which took the lives of all 157 passengers onboard.

Reuters reports British Civil Aviation Authority said it is banning 737 MAX commercial flights from UK airspace as a precautionary measure, following the lead of others including China, Indonesia, and Australia.

Speaking about the flight in Ethiopia, Jasper Lawler, the head of research at London Capital Group, wrote in a note to clients, "this tragic incident will be a massive hurdle for Boeing to overcome."

On Monday, shares of The Boeing Co. plummeted Monday after both China and Indonesia announced its decision to ground the company's planes.

A new model of the Boeing planes, the 777X, which can carry up to 425 people, was supposed to make its debut to the world on Wednesday. That event has since been postponed.

While the cause of the accident in Ethiopia remains unclear, it was reported that Boeing Co. could lose more than $21.5 billion in capital due to the tragedy. Monday was the the company's worst day in nearly five months with shares dropping over 5 percent, according to Market Watch.

Shares were down more than 6 percent on Tuesday morning.