ADM Places CFO on Leave, Cuts Profit Outlook on Probe (Correct)

Archer-Daniels-Midland Co. placed its chief financial officer on leave and cut its earnings outlook pending an investigationinto the agricultural trading giant’s accounting practices.

CFO Vikram Luthar has been put on administrative leave, effective immediately, and Ismael Roig will serve as interim CFO, the company said in a statement on Sunday.

The shares were down as much as 16% in premarket trading on Monday. If the decline holds, the stock will be set for its biggest drop since April 2005, wiping out almost $6 billion of market value.

The probe, which is in response to a voluntary document request by ...