Ambuja Cements, third largest cement company in India, announced that the share allotment and investor grievance committee at its meeting has allotted 1,54,500 equity shares on exercise of the stock options by the employees.

The stock had underperformed the market over the past one month till Apr. 01, 2014, rising 0.32% compared with the Sensex's 6.28% rise.  It outperformed the market in past one quarter, gaining 10.37% as against 6.18% rise in the Sensex.

Shares of the company declined Rs 2.35, or 1.16%, to settle  at  Rs 200 at  the BSE (Wednesday).