Why is Ester Industries falling/rising?

As of 28-Jul, Ester Industries Ltd's stock price is currently at 118.05, reflecting a decrease of 3.5, or 2.88%. The stock has been underperforming, having fallen consecutively for the last two days, resulting in a total decline of 4.9% during this period. It has also underperformed its sector by 2.04%. The stock is trading below all its moving averages, indicating a bearish trend. Additionally, the delivery volume has decreased significantly, suggesting a drop in investor participation. Over the past week, the stock has declined by 3.67%, and it has experienced a year-to-date drop of 22.54%, contrasting with a positive return of 1.77% over the past year.
In the broader market context, the Sensex has decreased by 1.59% over the past week, indicating that while Ester Industries is underperforming, the overall market is also facing challenges. Despite the company reporting positive growth in net sales and profits in recent quarters, its long-term fundamentals are weak, highlighted by a significant decline in operating profits over the last five years and a high debt to EBITDA ratio. This has likely contributed to the cautious sentiment among investors, as evidenced by the minimal holdings by domestic mutual funds, which may reflect a lack of confidence in the stock's current valuation and future prospects.