Johnson & Johnson shares will keep falling on Monday and it could be an opportune time to buy, CNBC's Jim Cramer said on Friday.

The stock plunged 10.4 percent to close at $133 a share on Friday after Reuters reported the company knew for decades that asbestos was in its baby powder.

"I certainly wouldn't want to commit a lot of money, but you start buying stocks like J&J when they are down another 10 percent on Monday," the "Mad Money" host said on "Closing Bell." "I don't think you're going to get hurt that bad, I think it's going to work for you."

JNJ helped drag the Dow Jones Industrial Average down nearly 500 points on the day, and the stock is now down nearly 5 percent for the year. It was the worst day for JNJ since July 19, 2002.

The company called the Reuters article "one-sided, false and inflammatory" in a statement on Friday.