11:28 AM EST, 12/30/2024 (MT Newswires) -- Boeing's ( BA ) shares were falling in Monday trade as media reports showed that South Korea's transport ministry will investigate the company's 737-800 aircraft fleet in the country following a domestic plane crash over the weekend.

A Jeju Air flight traveling to South Korea from Thailand belly-landed and exploded at the Muan International Airport on Sunday, killing 179 of the 181 people on board, according to multiple media publications. The plane, a Boeing 737-800, was reportedly seen colliding with a wall after attempting to land.

Authorities, who are yet to conclude what caused the crash, are looking at factors including a bird strike and potential malfunction of the aircraft's control system, Reuters reported. Shares of the plane maker declined 3% in Monday's trading session.

The Ministry of Land, Infrastructure, and Transport said the aircraft's pilot mentioned a "bird strike" shortly after a bird activity warning was issued, CNBC reported.

South Korea's acting president, Choi Sang-mok, reportedly ordered the transport ministry to conduct an emergency inspection of the country's entire airline operation system. The ministry plans to look at all 101 of Boeing's ( BA ) 737-800 planes operated by South Korean airlines, according to Reuters.

"We will transparently disclose the progress of the investigation into the accident, even before the final results are released, and keep the bereaved families informed," Choi said in a statement, according to South Korean news agency Yonhap.

Boeing ( BA ) didn't respond to a request for comment by MT Newswires.

Boeing's ( BA ) stock has plunged 33% year-to-date. In the beginning of the year, one of Boeing's ( BA ) 737-9 Max jets operated by Alaska Air (ALK) suffered a mid-flight structural failure. The incident prompted a temporary grounding of the company's aircraft model and an investigation by the Federal Aviation Administration.

In July, Boeing ( BA ) agreed to plead guilty to a fraud conspiracy charge in connection with the Lion Air flight crash in 2018 and the Ethiopian Air flight crash in 2019, BBC reported at the time. At the end of the same month, the plane maker appointed Robert Ortberg as chief executive, effective Aug. 8, succeeding Dave Calhoun, who announced earlier in 2024 that he will retire.

The company reached a labor deal with its striking factory workers in November. In October, Boeing ( BA ) reported a wider-than-expected third-quarter loss and separately disclosed plans to lay off about 10% of its workforce in the coming months.

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