Why is Essar Shipping falling/rising?

As of 09-Sep, Essar Shipping Ltd's stock price is currently at 23.81, reflecting a decline of 0.38, or 1.57%. The stock has been underperforming significantly, having fallen for four consecutive days, resulting in a total decline of 5.74% during this period. Additionally, the stock's performance over the past week shows a decrease of 1.41%, and it has underperformed the sector by 2.55% today. Despite the company declaring positive results for the last four consecutive quarters, including a substantial growth in profit after tax, it faces significant challenges such as a negative book value and a high debt to EBITDA ratio, which contribute to its weak long-term fundamental strength and investor sentiment.
In the broader market context, while the Sensex has shown a positive return of 1.18% over the past week, Essar Shipping's performance has been notably poor, with a year-to-date decline of 32.57% compared to the benchmark's increase of 3.79%. This stark contrast highlights the stock's struggles, as it has underperformed the market significantly over the past year, with a return of -43.42% against the BSE500's negative return of only -2.87%. The low participation from domestic mutual funds, holding just 0.03% of the company, further indicates a lack of confidence in the stock's current valuation and future prospects.