Why is Bajaj Electrical falling/rising?

As of 31-Oct, Bajaj Electricals Ltd is experiencing a decline in its stock price, currently at Rs 513.25, which reflects a decrease of Rs 15.15 or 2.87%. The stock has been underperforming, having fallen consecutively for the last two days, resulting in a total drop of 3.19% during this period. Today's trading saw the stock reach an intraday high of Rs 547.1 but also dip to a low of Rs 507.5. It is noteworthy that the stock is trading below all key moving averages, indicating a bearish trend. Additionally, the stock's performance over the past year has been poor, with a return of -41.34%, and profits have decreased by 16.9%. Despite having a low debt-to-equity ratio and high institutional holdings, these factors have not been sufficient to counteract the negative sentiment surrounding the stock.
In the broader market context, Bajaj Electricals has significantly underperformed compared to the benchmark Sensex, which has gained 3.65% over the past month while the stock has declined by 6.37%. This consistent underperformance over the last three years, coupled with a poor long-term growth outlook and disappointing recent financial results, has likely contributed to the negative investor sentiment. The stock's liquidity remains adequate for trading, but the falling investor participation, as evidenced by a 14.92% drop in delivery volume, suggests a lack of confidence among retail investors, further exacerbating the stock's decline.