Why is Essar Shipping falling/rising?

As of 02-Sep, Essar Shipping Ltd's stock is currently priced at 24.15, reflecting an increase of 0.41 or 1.73%. The stock has shown a positive performance today, outperforming its sector by 1.15% and has been on a consecutive gain for the last two days, rising 3.43% during this period. However, despite this recent uptick, the stock has underperformed over the past month with a decline of 10.75%. The company has reported positive results for the last four consecutive quarters, with a significant growth in profit after tax (PAT) of 152.14%. Nonetheless, it faces challenges such as a negative book value and a high debt to EBITDA ratio of 9.32 times, indicating weak long-term fundamental strength.
In the broader market context, the stock's short-term return of +1.90% over the past week contrasts sharply with the Sensex, which has fallen by 0.78%. Despite the recent gains, the stock has significantly underperformed the market over the past year, with a decline of 46.09% compared to the Sensex's drop of only 2.91%. This stark difference highlights the stock's volatility and the risks associated with its negative EBITDA and high debt levels, which may deter investors despite recent positive quarterly results.