This study investigates the impact on the abnormal returns of the food processing and biomedical industries as well as the individual companies involved in the event of the plasticizer event that occurred on May 23rd, 2011. The methods used in this study include the event study and the runs test. The latter is employed to examine whether the abnormal returns follow the stochastic pattern in the event window. Evidence indicates that, in the event window, none of the daily cumulative abnormal returns for the food processing and biomedical industries are statistically significant, though most of them are negative. They, however, display a positive serial correlation with a downward movement in the event window. The average cumulative abnormal returns for those companies involved in the plasticizer event are found to be statistically significantly negative at the 5% for the 1st day and the 0.1% for those period from the 5th day through the 30th day after the occurrence of the event. It is also found that the value of the companies shrinks, on the average, by 13.074% on the 26th day due to the plasticizer event. It is thus evident that the plasticizer event caused a dramatic reaction in the food processing and biomedical stock markets in Taiwan.