Johnson & Johnson shares nosedive on report it knew of asbestos in Baby Powder
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(Reuters) - Shares of Johnson & Johnson fell 10 percent on Friday and were on track to post their biggest percentage drop in more than 16 years, after Reuters reported that the pharma major knew for decades that cancer-causing asbestos lurked in its Baby Powder.The decline in shares erased about $40 billion from the company's market capitalization, with investors worrying about the impact of the report as it faces thousands of talc-related lawsuits.The stock was the biggest drag on the broader..