Paris: European aircraft manufacturer Airbus experienced a significant drop in its share value, falling more than 6.5% as of 1315GMT Monday. This decline follows the detection of a new industrial quality issue in some A320 family aircraft, prompting an urgent software update request.

According to Anadolu Agency, last week, Airbus issued an immediate precautionary software update for its A320 family after discovering that intense solar radiation could potentially corrupt data critical to flight-control functions. The company identified a considerable number of A320 Family aircraft currently in service that might be affected by this issue.

In response, the European Union Aviation Safety Agency has released an Emergency Airworthiness Directive for the Airbus A320 family. Despite Airbus announcing on Monday that software updates have been completed on thousands of A320 family aircraft, its shares still saw a sharp decline on the Paris stock exchange.

Earlier in October, Airbus stock had reached an all-time high of pound 217 ($252.7). In related developments, shares of French aerospace and military firm Thales, which supplied Airbus with the flight system software, also declined by 3%.