Shares of Korea Aerospace Industries (KAI) are in a downward spiral after the fatal crash of its self-developed helicopter during a test run on Tuesday, killing five Marine Corps members and injuring one.

The MUH-1 Marineon helicopter had been on a test flight after a repair at a Marine base in the southeastern city of Pohang when it crashed down from a height of about 10 meters (33 feet) a few seconds after lift-off and caught fire, according to the defense ministry.

KAI shares hit a 52-week low on Wednesday to close 9.34 percent lower at 34,450 won. On Thursday, they fell 6.53 percent further to finish at 32,200 won.

The Marineon helicopter is the Marine version of the KUH-1 Surion, South Korea’s first transport utility helicopter, also developed by KAI. The ill-fated helicopter is one of the two Marineon choppers the Marine Corps recruited in January.

The accident is expected to suspend the Marine Corps’ plan to add two more Marineon helicopters in the latter of this year. KAI had intended to supply a fleet of 28 to the Marines by 2023.

The military plans to set up a committee and gather witness accounts to identify the exact causes behind the accident.

KAI said in a statement it would cooperate with the military to determine the causes of the crash and come up with appropriate safety measures.

By Hwang Soon-min and Kim Hyo-jin

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]