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Boeing-Made 737 Crashes Near Tehran: Ukraine Airlines Says All 176 Passengers Killed, Embassy Cites Engine Failure

Ukraine President Volodymyr Zelensky has vowed to open a criminal investigation into the crash of a Ukraine International Airlines Boeing-made 737-800 that killed 176 passengers outside of Tehran.

A Ukraine International Airlines Boeing-made 737 crashed shortly after take-off in Tehran Wednesday, killing all 176 passengers on board following what  Embassy authorities said was an engine failure.

Ukraine International Airlines Flight 752, a Boeing 737-800NG taking off from Tehran and bound for Kiev, was carrying 167 ticket-buying passengers from seven countries, Ukrainian officials said, and had last passed a technical inspection as early as January 6. 

Ukraine International Airlines said it would thoroughly investigate the disaster in concert with Iranian authorities and the aircraft manufacturer. The Ukraine embassy in Tehran said the crash was caused by engine failure and was not hit by a missile nor suffered a terrorist attack. 

"This is a tragic event and our heartfelt thoughts are with the crew, passengers, and their families," Boeing said in a statement. "We are in contact with our airline customer and stand by them in this difficult time. We are ready to assist in any way needed."

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Boeing  (BA) - Get Boeing Company Report shares were marked 1.25% lower in early trading Wednesday following the crash to change hands at $332.70 each, a move that would extend the stock's three-month decline to around 11.8%.

The twin engines on the UIA Flight 752 was made by CFM International, a joint venture between France's Safran and General Electric  (GE) - Get General Electric Company Report.

GE shares were marked 0.8% lower at $11.96 each while Safran slipped 0.54% lower by mid-afternoon trading in Paris.

The crash marks the latest in a series of disasters for Boeing, including two fatal accidents involving its flagship 737 MAX between 2018 and 2019 that triggered the grounding of the entire fleet and the ultimate firing of CEO Dennis Muilenberg. 

The 737-800 does not have the same software system that has been identified as the cause of the crashes in Ethiopia and Indonesia that took the lives of 346 people and lead to the overhaul of the planemaker's installation and training process.