Why is Adani Enterp. falling/rising?

As of 19-Aug, Adani Enterprises Ltd is experiencing a price increase, currently at Rs 2,385.70, reflecting a rise of 51.4 points or 2.2%. The stock has shown a positive trend recently, gaining for the last three consecutive days with a total return of 4.59% during this period. Despite this short-term gain, the stock has underperformed over the longer term, with a 1-month return of -8.11% and a year-to-date decline of -5.67%. The company has reported healthy long-term growth in net sales and operating profit, but it faces significant challenges, including poor management efficiency indicated by a low Return on Capital Employed (ROCE) of 6.91% and a high Debt to EBITDA ratio of 6.41 times. Additionally, the company has declared negative results for the last three consecutive quarters, which has contributed to its overall underperformance.
In the broader market context, the stock's recent performance has outpaced the benchmark Sensex, which has gained 1.76% over the past week, while Adani Enterprises has increased by 4.13% in the same timeframe. However, the stock's longer-term performance remains concerning, as it has consistently underperformed against the benchmark over the last three years, with a 1-year return of -23.19% compared to the Sensex's gain of 1.52%. This persistent underperformance, coupled with falling investor participation and liquidity concerns, suggests that while there may be short-term gains, the overall outlook for Adani Enterprises remains challenging.