Why is Bajaj Electrical falling/rising?

As of 22-Sep, Bajaj Electricals Ltd is experiencing a decline in its stock price, currently at Rs 586.00, down by Rs 4.2 or 0.71%. The stock has been on a downward trend, losing 3.09% over the last three days. Although it opened with a gain of 5.08% today and reached an intraday high of Rs 620.2, the overall performance remains weak, with a year-to-date return of -24.39% and a one-year return of -40.87%. The company has a low Debt to Equity ratio of 0.04 times and a return on equity (ROE) of 6.7, indicating fair valuation; however, its profits have fallen by 26.1%, contributing to the stock's underperformance. Additionally, the stock is trading at a discount compared to its peers, but the recent significant drop in profit after tax (PAT) by 82.5% raises concerns among investors.
In the broader market context, the stock's recent performance contrasts sharply with the benchmark Sensex, which has gained 0.46% over the past week and 1.05% over the past month. The consistent underperformance of Bajaj Electricals against the benchmark over the last three years, coupled with high institutional holdings at 23.46%, suggests that while institutional investors may have confidence in the company's fundamentals, retail investors are reacting negatively to the declining profitability and operational cash flow. This divergence in performance indicates that despite some positive factors, the overall sentiment remains bearish, leading to the stock's current decline.