Asia Tech Wire (July 25) -- Shares of Japanese semiconductor maker Renesas Electronics Corp. (6723.T) plummeted Thursday due to a profit miss.

Renesas' shares plunged 17% in intraday trading Thursday, its biggest intraday drop in more than 12 years.

However, the stock closed the day down nearly 14% at 2,584 yen a share.

The supplier of Toyota and Honda reported the day before a lackluster operating profit in its key industrial division, including factory, Internet of Things and infrastructure-related chips.

Renesas said net profit fell 29% year-on-year in the first half of the year.

Renesas CEO Hidetoshi Shibata said the company expects sales of industrial-use chips to fall in the current quarter as it adjusts its inventory, but that this will be the lowest point.

"We have no intention to slow down our spending on R&D,” he emphasized.