Why is Adani Enterp. falling/rising?

As of 22-Aug, Adani Enterprises Ltd is experiencing a decline in its stock price, currently at Rs 2,324.65, reflecting a decrease of Rs 53.05 or 2.23%. The stock has been underperforming, having fallen for three consecutive days with a total decline of 2.56% during this period. It is trading below all its moving averages, indicating a bearish trend. Additionally, the stock's delivery volume has significantly decreased by 66.27% compared to the five-day average, suggesting reduced investor participation. The company has faced negative results for the last three consecutive quarters, with a notable drop in net profit by 61.28%, which contributes to its poor management efficiency and low profitability metrics, including a Return on Capital Employed (ROCE) of just 6.91%.
In the broader market context, while Adani Enterprises has shown a short-term gain of 1.87% over the past week, it has significantly underperformed against the benchmark Sensex, which has increased by 0.88% during the same period. Over the last month, the stock has declined by 10.17%, contrasting with the Sensex's modest drop of only 1.07%. This consistent underperformance against the benchmark over the last three years, coupled with a high Debt to EBITDA ratio of 6.41 times, indicates a challenging financial situation for the company, further exacerbating investor concerns and contributing to the stock's downward movement.