Why is Essar Shipping falling/rising?

As of 25-Aug, Essar Shipping Ltd's stock price is currently at 23.91, reflecting a decrease of 0.94, or 3.78%. The stock has underperformed its sector by 2.99% today and is trading below all key moving averages, indicating a bearish trend. Over the past week, the stock has declined by 7.68%, and it has seen a significant drop of 51.10% over the past year, contrasting sharply with the Sensex, which has only fallen by 0.68% in the same period. Although the company has reported positive results for the last four consecutive quarters, including a substantial growth in profit after tax, it faces serious challenges such as a negative book value and a high debt-to-EBITDA ratio of 9.32 times, which raises concerns about its long-term viability and ability to service debt.
In the broader market context, while the BSE500 index has experienced a slight decline of 2.11% over the past year, Essar Shipping's performance has been significantly worse, highlighting its struggles relative to the market. The low participation from domestic mutual funds, holding only 0.03% of the company, suggests a lack of confidence in its current valuation or business prospects. This combination of poor stock performance, high debt levels, and negative net worth contributes to a perception of risk among investors, leading to the stock's continued decline.