Why is Ather Energy falling/rising?

As of 01-October, Ather Energy Ltd's stock price is rising, currently at Rs 587.50, reflecting an increase of Rs 22.1 or 3.91%. The stock has shown strong performance recently, with a 1-week return of +1.01% and a notable 1-month return of +20.76%, significantly outperforming the Sensex, which has only increased by 0.77% in the same period. Today's trading saw the stock reach an intraday high of Rs 598.5, and it is currently just 4.64% away from its 52-week high of Rs 614.75. However, there are concerns regarding falling investor participation, as the delivery volume has decreased by 43.08% compared to the 5-day average. Additionally, while institutional holdings are high at 48.08%, indicating confidence from larger investors, the company faces challenges such as operating losses and a high debt-to-EBITDA ratio, which could affect long-term growth prospects.
In the broader market context, Ather Energy's recent gains contrast sharply with the Sensex's decline of 0.90% over the past week. This divergence suggests that Ather Energy is attracting investor interest despite broader market challenges. The stock's performance today has outpaced its sector by 4.15%, indicating a strong position within its industry. However, the company's weak long-term fundamentals, including a negative EBITDA and a low ability to service debt, raise concerns about sustainability. Overall, while the stock is currently rising, the underlying financial issues may pose risks that could impact future performance.