Tiger Brands Falls After Asbestos Trace Found in Baby Powder (1)

Tiger Brands Ltd. 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 company withdrew the items after trace levels of the potentially dangerous mineral were detected in samples of a raw material used in the manufacturing process, according to a statement on Wednesday. Customers are urged to return powder already purchased to their nearest supermarket, Tiger Brands said.

The stock slumped as much as 10% in Johannesburg, the most since May 2020, before paring losses to trade 4.6% lower at 10:55 ...