Why is Elgi Rubber Co falling/rising?

As of 24-Jul, Elgi Rubber Company Ltd is currently priced at 59.16, reflecting an increase of 1.16 or 2.0%. Despite this daily gain, the stock has been on a downward trend, having fallen every week for the last eight weeks and every month for the last six weeks, resulting in a significant decline of -100% returns during these periods. The stock has also underperformed the Sensex over the past week with a return of -0.87% compared to the benchmark's -0.20%. The company is facing challenges with operating losses and a weak long-term fundamental strength, evidenced by a high Debt to EBITDA ratio and negative profit growth, which contribute to its risky trading status.
In the broader market context, while Elgi Rubber has outperformed its sector by 3.37% today, its year-to-date performance shows a stark contrast with a decline of -56.52% against the Sensex's gain of 5.99%. The stock's recent price movements, including an intraday high of Rs 63.63 and a low of Rs 59, indicate volatility, with trading activity skewed towards lower price levels. The overall market sentiment appears cautious due to the company's poor financial health, which is reflected in its negative operating profits and substantial losses reported in recent quarters, further impacting investor confidence.