Shares of Ambuja Cement fell on lower-than-expected profit.

Shares of Ambuja Cement Ltd fell as much as 3.2 per cent to Rs 237.95, posting their biggest intraday percentage drop since December 12, 2016.

The cement maker had posted four-fold rise in quarterly profit on Friday, but fell short of the average analysts' estimate.

Ambuja Cement reported a net profit of Rs 247 crore ($38.41 million) in the quarter ended March 31, below expectations of Rs 262 crore.

“The key negative surprises were lower-than-expected realisation and high freight costs,” Morgan Stanley analysts wrote, adding that the company's growth will lag the industry's due to lack of capacity additions.

Up to Friday's close, the stock was up 19.2 per cent this year.