Why is Essar Shipping falling/rising?

As of 29-Sep, Essar Shipping Ltd's stock price is currently at Rs 26.73, reflecting a decline of Rs 1.4 or 4.98%. The stock has been underperforming, having fallen consecutively for the last two days, resulting in a total drop of 9.73% during this period. Although the stock opened with a gain of 3.09% today and reached an intraday high of Rs 29, it ultimately closed lower, indicating high volatility with an intraday fluctuation of 7.53%. Over the past week, the stock has decreased by 2.73%, while its performance over the last month shows a positive return of 14.48%. However, the stock's year-to-date performance remains poor at -24.30%, and it has significantly underperformed the market over the past year with a return of -39.59% compared to the Sensex's -6.08%.
The stock's recent decline can be attributed to several factors, including its negative book value and weak long-term fundamentals, which raise concerns about its ability to service debt, as indicated by a high Debt to EBITDA ratio of 9.32 times. Despite reporting positive results for the last four consecutive quarters, including a significant growth in profit after tax, the company still faces challenges such as negative net worth and a risky trading profile compared to historical valuations. Additionally, the low stake held by domestic mutual funds, at only 0.03%, suggests a lack of confidence in the stock's current price or business outlook. This combination of factors has contributed to the stock's underperformance relative to the broader market, particularly in the last year, where it has significantly lagged behind the benchmark indices.