Step 1

This effect is sometimes called Rocky Text. Create new file with 72 PPI and white background. The mode has to be Grayscale. Type the text with thin font.

Step 2

Fill it with the color resemples to stone. Try the last row of color swatches. Select light color for foreground and dark shade for background
Layer > Layer Style > Bevel & Emboss ( depth 700)

Step 3

Filter > Noise > Add Noise (Amount 16, Uniform, Monocromatic).

Step 4

Filter > Distort > Ocean Ripple (size:9, magnitude:9).

Step 5

Layer > Layer Style > Drop Shadow