Why is Ather Energy falling/rising?

As of 18-Aug, Ather Energy Ltd's stock price is currently at Rs 417.00, reflecting a slight increase of 0.4 (0.1%). The stock has been gaining for the last three days, with a total return of 3.1% during this period. However, it has underperformed its sector by 4.62% today and is 3.81% away from its 52-week high of Rs 432.9. The stock's performance over the past month shows a significant increase of 21.93%, contrasting with a decline of 0.76% over the past week. Despite high institutional holdings at 48.08% and a notable increase in their stake by 17.42% over the previous quarter, the company faces challenges such as operating losses and a high Debt to EBITDA ratio, indicating weak long-term fundamental strength.
In the broader market context, Ather Energy's recent performance contrasts with the benchmark Sensex, which has gained 0.83% over the past week while the stock itself has declined by 0.76%. The automobile sector, specifically the two and three-wheelers, has seen a gain of 4.78%, further highlighting Ather Energy's underperformance relative to its peers. Additionally, the significant drop in delivery volume by 83.89% against the five-day average suggests a decrease in investor participation, which could be contributing to the stock's recent price movements. Overall, while the stock has shown some short-term gains, the underlying financial challenges and market dynamics indicate a complex situation for Ather Energy.