Why is Bihar Sponge falling/rising?

As of 11-Jul, Bihar Sponge Iron Ltd's stock price is currently at Rs 17.25, reflecting an increase of Rs 1.26 or 7.88%. Today's price summary indicates that the stock has outperformed its sector by 8.54% and has experienced a trend reversal after three consecutive days of decline. Despite opening with a loss of 4.25%, the stock reached an intraday high of Rs 18, showcasing significant volatility with a wide trading range of Rs 2.69. However, the stock's long-term fundamentals are concerning, as it has a negative book value and high debt levels, which could weigh on investor sentiment. Additionally, the delivery volume has decreased significantly, indicating falling investor participation, which may contribute to the stock's volatility.
In the broader market context, Bihar Sponge Iron has shown strong short-term performance, with a 10.22% increase over the past week, while the benchmark Sensex has declined by 1.12%. This stark contrast highlights the stock's resilience in a challenging market environment. However, the company's overall financial health raises red flags, as it has a negative EBITDA and a high proportion of pledged promoter shares, which can exert downward pressure in adverse market conditions. Despite the recent price increase, the underlying risks associated with its financial performance suggest caution for potential investors.