Why is eMudhra falling/rising?

As of 24-Jul, eMudhra Ltd's stock price is currently at Rs 819.40, reflecting a decrease of Rs 11.15 or 1.34%. The stock has shown a mixed performance recently, with a 1-week return of +1.93% and a 1-month return of +10.58%, indicating a positive trend in the short term despite a year-to-date decline of 12.82%. Today's trading saw the stock touch an intraday low of Rs 812.05, but it remains above the 5-day, 20-day, 50-day, and 100-day moving averages, suggesting some resilience. The company has demonstrated strong fundamentals with a high return on equity of 16.41%, a low debt-to-equity ratio, and consistent positive results over the last 12 quarters, which may support investor confidence despite the current price drop.
In the broader market context, eMudhra's recent performance contrasts with the Sensex, which has shown a slight decline of 0.09% over the past week. The stock's rising investor participation, indicated by a 4.04% increase in delivery volume, suggests that there is continued interest among investors, particularly institutional investors who hold 20.2% of the stock. This level of institutional ownership typically indicates a strong belief in the company's fundamentals, which may help stabilize the stock despite its recent price decline. Overall, while eMudhra is experiencing a short-term drop, its long-term growth potential and solid financial performance could provide a foundation for recovery.