ADM Plunges Most on Record After Probe, CFO Placed on Leave (5)

Archer-Daniels-Midland Co. plunged 24%, the most on record, after the US agricultural trading giant suspended its chief financial officer and cut its earnings outlook pending an investigation into its accounting practices.

The Chicago-based company said Sunday afternoon that Vikram Luthar, who had been its CFO since 2022, was put on administrative leave and Ismael Roig will step in on an interim basis. ADM is also delaying its fourth-quarter earnings and the filing of its annual report and Form 10-K for 2023.

WATCH: ADM shares plunge, CFO is put on leave.

Source: Bloomberg

The probe was prompted by a voluntary document request from the US Securities and Exchange Commission and ...