N Srinivasan-led India Cements' stock lost 3.66 per cent to Rs 52.50 on the BSE Sensex.
On the NSE, the company's shares plunged 3.84 per cent to Rs 52.50.
On the volume front, 2.05 lakh shares of the company were traded at the BSE, while over 20 lakh shares changed hands on the NSE till afternoon trade.
Meanwhile, lower income led India Cements' net profit to decline by 98 per cent in the December quarter at Rs 42 lakh.
The company had clocked Rs 26.12 crore net profit during the October-December period of the last fiscal, it said in a BSE filing.
India Cements promoters also own Chennai Super Kings (CSK) team of IPL 2020 cricket tournament.
Meiyappan was the face of Chennai Super Kings, said the report while rejecting N Srinivasan's contention that he was merely a cricket enthusiast.
Board of Cricket Control of India (BCCI) President N Srinivasan is the Vice Chairman and Managing Director of India Cements.