Why is Bhagiradha Chem. falling/rising?

As of 24-Sep, Bhagiradha Chemicals & Industries Ltd is experiencing a decline in its stock price, currently at Rs. 256.00, which reflects a decrease of 0.6 (-0.23%). The stock has hit a new 52-week low of Rs. 233.55 today and is trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages. Over the past week, the stock has fallen by 1.31%, and it has significantly underperformed the market with a year-to-date return of -14.25%, compared to a positive return of 4.58% for the benchmark. The company's recent performance has been negatively impacted by three consecutive quarters of negative results, with a notable decline in profits and operating cash flow, leading to a perception of an expensive valuation relative to its peers.
Broader market context indicates that while the overall market has seen a slight decline, Bhagiradha Chemicals has underperformed significantly, with a one-year return of -29.92% compared to the benchmark's -3.77%. The lack of investor participation, as evidenced by a 42.45% drop in delivery volume, further suggests diminishing confidence in the stock. Additionally, the absence of domestic mutual fund investment may reflect a broader skepticism about the company's future prospects. Despite a strong ability to service debt and healthy long-term growth in operating profit, the recent negative financial results and low return on equity have contributed to the stock's downward trajectory.