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European aircraft manufacturer shares fall over six per cent
(MENAFN) Shares of European aerospace manufacturer Airbus dropped more than 6.5% as of 1315 GMT on Monday, following the discovery of an industrial quality issue affecting some A320 aircraft and the issuance of an urgent software update.
The company last week called for an immediate precautionary update for its A320 family after determining that intense solar radiation could potentially corrupt data crucial for flight-control operations. As a result, Airbus identified a significant number of in-service A320 aircraft that might be affected.
The European Union Aviation Safety Agency subsequently issued an Emergency Airworthiness Directive for the A320 fleet. On Monday, Airbus reported that software updates had been applied to thousands of affected aircraft. Despite this, shares on the Paris stock exchange experienced a sharp decline.
In October, Airbus stock had reached a record high of €217 ($252.7).
The news also impacted French aerospace and defense company Thales, whose shares fell 3%. Thales provides flight system software to Airbus.
The company last week called for an immediate precautionary update for its A320 family after determining that intense solar radiation could potentially corrupt data crucial for flight-control operations. As a result, Airbus identified a significant number of in-service A320 aircraft that might be affected.
The European Union Aviation Safety Agency subsequently issued an Emergency Airworthiness Directive for the A320 fleet. On Monday, Airbus reported that software updates had been applied to thousands of affected aircraft. Despite this, shares on the Paris stock exchange experienced a sharp decline.
In October, Airbus stock had reached a record high of €217 ($252.7).
The news also impacted French aerospace and defense company Thales, whose shares fell 3%. Thales provides flight system software to Airbus.
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