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

US pharmaceutical and cosmetics group Johnson & Johnson saw its shares plunge 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. J&J stock closed down more than 10 percent at $133 on the New York Stock Exchange, its worst one-day fall in 16 years.

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