Why is CEAT falling/rising?

As of 26-Aug, CEAT Ltd is experiencing a decline in its stock price, currently at 3,054.35, which reflects a decrease of 157.65 or 4.91%. Today's price summary indicates that the stock has underperformed its sector by 2.4% and has fallen after two consecutive days of gains, reaching an intraday low of Rs 3006.5, a drop of 6.4%. Over the past week, CEAT has seen a return of -4.98%, and for the month, it has decreased by 9.66%. Despite a healthy long-term growth rate in net sales and operating profit, the stock's profits have fallen by 32.9% over the past year, contributing to its recent price decline. Additionally, while institutional holdings are high at 37.47%, the stock is trading at a discount compared to its peers, which may not be enough to offset the negative sentiment from its recent performance.
In the broader market context, CEAT's short-term performance has significantly lagged behind the benchmark, with the Sensex only declining by 1.05% over the past week and 0.83% over the past month. This stark contrast highlights the stock's underperformance relative to the market. The tyre and allied sector has also seen a decline of 2.71%, indicating a challenging environment for CEAT. Although the stock has generated a positive return of 7.48% over the past year, the overall negative trends in both the stock's performance and the sector suggest that investor sentiment remains cautious, contributing to the stock's current downward trajectory.