Johnson & Johnson (JNJ) - Get Report shares are sliding after a legal proceeding concluded the consumer and healthcare giant will have to pay big dollars to cancer victims.

The stock was falling 1.83% to $128.03 a share Wednesday afternoon. 

A Missouri court ruled that Johnson & Johnson will lose its motion that would have overturned a $4.3 billion payment the company now owes to women with ovarian cancer, which may have been caused by asbestos in baby powder and other Talc products. 

Last week, news broke that Johnson and Johnson had knowingly sold baby products to consumers, which put a $50 billion dent in the company's market cap. 

Johnson & Johnson then challenged an assertion made by Reuters reporters that they had known the asbestos was in the products. That clearly didn't do any favors for the company in the Missouri court. Still, the company has about $20 billion in cash and $60 billion of shareholders equity.

Baby powder, RealMoney reported, accounts for less than 1% of the company's revenue. Analysts have said the almost 10% stock drop after the initial news broke was an overreaction

Shares stopped falling after the asbestos news broke Friday, Dec. 14, but have resumed falling a bit on the news of the overturned motion. 

The stock was having an nice year through most of December, but is down more than 7% year to date.