Tiger Brands' shares plunge after recall of baby-powder products
Tiger Brands' shares fell the most in more than two years after Africa’s biggest listed foodmaker recalled a range of baby-powder products that may have been tainted by asbestos.
The stock slumped as much as 10% in Johannesburg, the most since May 2020, extending a loss for the year to 16%.
The company withdrew the products after trace levels of asbestos were detected in test samples from a batch of talcum powder used as raw material, according to a statement on Wednesday.
Customers are urged to return powder already purchased to their nearest supermarket, Tiger Brands said.
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