Why is Ather Energy falling/rising?

As of 04-Sep, Ather Energy Ltd is experiencing a decline in its stock price, currently at Rs 487.75, which reflects a decrease of Rs 11.9 or 2.38%. The stock has underperformed its sector by 2.67% today and has seen a trend reversal after four consecutive days of gains. It touched an intraday low of Rs 485, indicating a drop of 2.93%. Despite this decline, the stock has shown strong performance over the past week and month, with returns of 13.17% and 22.17%, respectively. However, the company is facing challenges such as operating losses and a high Debt to EBITDA ratio, which contribute to its weak long-term fundamental strength. Additionally, while institutional holdings are high at 48.08% and have increased by 17.42% over the previous quarter, the company's ability to service debt remains low, which may deter some investors.
In the broader market context, Ather Energy's recent performance contrasts with the Sensex, which has only increased by 0.80% over the past week and decreased by 0.37% over the past month. This suggests that while Ather Energy has outperformed the benchmark in the short term, its current decline may be influenced by broader market sentiments or specific concerns regarding its financial health. The stock's liquidity remains adequate for trading, but the negative EBITDA and flat results reported in June may be weighing on investor confidence, leading to the current downward movement in price.