According to Business Insider, Johnson and Johnson shares plummeted for the biggest day of losses in 16 years.
By the afternoon on Dec. 14th, Johnson and Johnson's stock was down 9-percent, which wiped out an estimated $38 billion in market capitalization for the pharmaceutical company.
But that selloff was prompted by a report from Reuters, which indicated Johnson and Johnson knew small traces of asbestos were found in their baby powder products and raw talc for decades.
