Johnson & Johnson shares plunge after report on asbestos in baby powder

Shares in Johnson & Johnson plunged more than 10 per cent after Reuters reported the US pharmaceutical giant knew about asbestos tainting its talcum powder for decades.

Johnson & Johnson shares plunge after report on asbestos in baby powder Source: AP

US pharmaceutical and cosmetics group Johnson & Johnson saw its shares plunge on Friday after a media report alleged the group had deliberately concealed for decades that its baby powder sometimes contained asbestos.

A lengthy investigation by the Reuters news agency, which reviewed thousands of company documents, showed the company marketed talc-based products that, at least between 1971 and the beginning in the 2000s, sometimes contained asbestos.

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