Ambuja Cements, third largest cement company in India, announced that the share allotment & investor grievance committee has allotted 4,02,675 equity shares on exercise of the stock options by the employees.

The stock had underperformed the market over the past one month till Mar. 06, 2014, rising 0.32% compared with the Sensex's 5.92% rise. It outperformed the market in past one quarter, gaining 10.37% as against 2.46% rise in the Sensex.

Shares of the company gained Rs 4.4, or 2.53%, to trade at Rs 178.30. The total volume of shares traded was 69,037 at the BSE (11.40 a.m., Friday).