Share prices in Archer Daniels Midland (ADM), one of the world's largest grains businesses have plummeted an astonishing 25.67 per cent in the past five days, including a single day fall of 24.2pc, with shares now at $US51.69, down from $68.19 on Friday.
Monday's falls on the New York Stock Exchange were reportedly the US-based company's worst single day's trading since the Wall Street crash of 1929.
Based on a market capitalisation estimate from website Companies Market Cap of $US38.5 billion ($A58.4b) on December 30 prior to the price drop to a current figure of $US27.57b ($A41.8b) today the company has shed an incredible $A16.6b in the share price rout.
The freefall in shares was caused by a company announcement that it's chief financial officer (CFO) Vikram Luthar had been placed on administrative leave and that the business would conduct an investigation into accounting practices in its nutrition segment.
The company said it had taken the decision to launch its investigation after a voluntary document request from the US Securities and Exchange Commission (SEC), the US equivalent of the Australian Securities and Investment Commission (ASIC).
It will also delay the release of its annual and quarterly financial reports that were scheduled for Tuesday.
Mr Luthar's leave is pending the ongoing investigation, which ADM said in a statement would be conducted by an outside counsel together with the business's audit committee.
Ismael Roig was announced as the interim CFO.
"The board takes these matters very seriously," said Terry Crews, ADM lead director.
"Pending the outcome of the investigation, the Board determined that it was advisable to place Mr. Luthar on administrative leave."
ADM has targeted nutrition as a key growth area in recent years, with big purchases including US ingredient manufacturer Wild Flavors in 2014 and French feed manufacturer Neovia in 2019.
The business segment has performed fairly, generating $US468 million of the company's $US4.7 billion operating profits however some analysts have suggesting falling demand for plant-based protein was impacting earnings.
In December ADM appointed a name familiar to many in Australia's grains industry to the role of heading up the nutrition unit.
Ian Pinner is an ADM veteran who was heavily involved in ADM's bid to take over bulk handler GrainCorp in 2012-13.
ADM Australia was contacted for comment.