Rolls-Royce says it is investigating Qantas engine blowout
Company sees a steep decline in its share value.
Rolls-Royce's share price recovered nearly 3 per cent on Monday from the fall they suffered on Friday after the company said it was making progress on discovering the specific cause of the engine blowout suffered by Qantas Flight 32.
The company also issued a statement saying the problem was specific to the Trent 900, which is used by only a handful of airlines to power their Airbus A380s.
The engine manufacturer assured to launch a thorough investigation, adding that it would fully cooperate with operators of the aircraft and aviation regulators.
However, Qantas Airways decided to keep its fleet of Rolls-Royce powered A380s grounded till mid-week as inspectors found that a number of aircraft engines were also suffering from oil leaks.
Rolls-Royce saw a steep decline in its share value, which fell by nearly 10 per cent by the market close on Friday, cutting more than £1bn from the company's value.
However, the company's share price rebounded by up to 3 per cent on Monday after the company released its official statement on the issue.
Qantas flight 32 was forced to make an emergency landing in Singapore last week after its engine blew out mid-air, endangering the lives of hundreds of passengers and crew on board at the plane at that time.