Shares of Toyota Industries slumped as much 13% after Toyota group's 4.7 trillion yen ($33 billion) plan to privatize the former.

Toyota Industries Corp. shares fell the most in nine months after the Toyota group unveiled a ¥4.7 trillion ($33 billion) plan to privatize Toyota Industries Corp., drawing sharp criticism from investors and analysts who say the proposal significantly undervalues the company.

The nearly century-old Japanese company that founded Toyota Motor in the 1930s plans to go private with backing from the car giant’s chairman, Akio Toyoda.

The world’s largest carmaker is backing a $33 bln buyout of Toyota Industries by swapping its stake in its listed supplier for illiquid stock in a holding company. It resolves cross-shareholdings but hurts independent investors.