Jan 22 Reuters Shares of ArcherDanielsMidland slid 22 on Monday, the steepest drop in decades, after CFO Vikram Luthar was placed on administrative leave as the company investigates accounting practices at its Nutrition segment.

The global grains merchant cut its 2023 profit forecast and said its fourthquarter results would be delayed due to the investigation related to certain intersegment transactions, in response to a voluntary document request by the U.S. Securities and Exchange Commission SEC.

The probe brings more uncertainty to ADM39;s highmargin Nutrition segment, which is under pressure due to weak demand for meat alternatives and other products as well as downtime at a large soy processing facility.

The SEC did not respond to a Reuters request for comment. ADM said it is cooperating with the SEC.

ADM39;s stock was last down to 53.03, its lowest level since February 2021.

Luthar joined ADM nearly two decades ago, serving in various leadership roles before being appointed CFO in 2022.

The company posted a string of record earnings due to favorable crop processing margins and strong demand for food, animal feed and biofuel. The Nutrition segment, however, has not performed well in recent quarters.

The segment supplies ingredients including plantbased proteins, natural flavors, emulsifiers to food, beverage and nutritional supplements industries, among others.

Recent large investments in animal feed and pet nutrition have also not lived up to expectations,…