Why is Bajel Projects falling/rising?

As of 17-Oct, Bajel Projects Ltd is experiencing a decline in its stock price, currently at Rs 191.20, reflecting a decrease of Rs 5.35 or 2.72%. The stock has underperformed significantly, with a 1-week return of -4.23% and a 1-month return of -11.65%, while the benchmark Sensex has shown positive returns of +1.76% and +1.52%, respectively. Today's performance indicates that the stock touched an intraday low of Rs 185, down 5.88%, and is trading below all key moving averages. Additionally, there has been a slight decline in investor participation, with delivery volume decreasing by 0.3% against the 5-day average. Despite a low debt-to-equity ratio and healthy long-term growth in net sales and operating profit, the company faces challenges such as poor management efficiency, indicated by a low return on equity of 2.40%, and negative financial results in the recent quarter.
In the broader market context, Bajel Projects' recent performance starkly contrasts with the overall market, as it has underperformed the Sensex over various time frames, including the last year and three years. While institutional investors have increased their stake, suggesting some level of confidence in the company, the stock's valuation remains expensive relative to its profitability, with a price-to-book value of 3.8. The combination of declining returns, poor management efficiency, and negative financial results contributes to the stock's downward trajectory, making it a strong sell in the current market environment.