** Shares of Ambuja Cement Ltd fall as much as 3.2 pct to 237.95 rupees, posting their biggest intraday percentage drop since Dec 12, 2016

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

** Ambuja reported net profit of 2.47 bln rupees ($38.41 million) in the quarter ended March 31, below expectations of 2.62 bln rupees

** "The key negative surprises were lower-than-expected realization and high freight costs," Morgan Stanley analysts wrote, adding that the company's growth will lag the industry's given a lack of capacity additions

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