Nazanin Tabatabaee/WANA (West Asia News Agency) via REUTERS

Boeing shares tanked as much as 2.3% on Wednesday, wiping out roughly $4.3 billion in market value in the wake of a fatal 737 crash in Iran.

A Ukraine International Airlines Boeing 737-800 flying from Iran's Tehran Imam Khomeini International Airport to Kyiv lost contact two minutes after taking off at 6:12 a.m. local time, according to the flight-tracking website FlightRadar24. The Ukrainian Embassy in Iran initially attributed the crash to a technical issue but later said the cause was unknown and under investigation.

The flight had 167 passengers and nine crew members on board, including citizens from Canada, Sweden, Afghanistan, Germany, and the UK. All were killed in the crash.

The airline said it would post a list of passengers on its website "after final confirmation of their presence on board of the aircraft."

One firm has already downgraded its rating for Boeing stock after the crash. The Cowen analyst Cai Von Rumohr knocked its rating for Boeing shares to "market perform" from "buy," according to Bloomberg data, and pulled the firm's price target to $371 per share from $419. The new target implies a decrease of about 11% over the next 12 months.

Boeing is already mired in the fallout from two crashes involving its 737 Max jet, the successor to the 737-800. The controversy has led to several congressional hearings, the firing of Boeing's CEO, and even speculation about a hit to US gross domestic product. The 737 Max remains grounded around the world as Boeing seeks to regain regulatory approval for the model.

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The crash happened hours after Iran fired over a dozen missiles at bases housing US troops in Iraq, retaliating against the US's assassination of Iranian Maj. Gen. Qassem Soleimani. Officials have distanced the 737 crash from the rising US-Iran tensions and from the possibility of terrorism.

Boeing traded at $332.75 per share as of 11:20 a.m. ET on Wednesday, up about 1.5% year-to-date.

The plane manufacturer has 11 "buy" ratings, 15 "hold" ratings, and three "sell" ratings from analysts, with a consensus price target of $367.43, according to Bloomberg data.

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