Reuters Market Eye - Shares in cement makers fall after October-December earnings fail to impress investors.
Ambuja Cements' net profit fell by 29.8 percent to 2.12 billion rupees, while ACC Ltd on Thursday reported a 49 percent fall in net profit.
Weak results are dashing some of last month's optimism that cement prices would rise if capacity lags demand.
Deutsche Bank downgraded ACC rating to "hold" from "buy", saying October-December earnings had come in below its forecast and noting lower demand and prices for cement were casting doubts about the health of the industry.
Ambuja Cements shares fall 5.2 percent while ACC is down 1.8 percent.
(Reporting by Abhishek Vishnoi)