Why is Gokaldas Exports falling/rising?

As of 24-Sep, Gokaldas Exports Ltd is experiencing a decline in its stock price, currently at Rs 793.30, which reflects a decrease of Rs 27.5 or 3.35%. The stock has underperformed its sector by 2.92% today, reaching an intraday low of Rs 776.2, a drop of 5.43%. Over the past week, the stock has decreased by 2.96%, and year-to-date, it has fallen significantly by 29.90%. While the company has shown strong growth in net sales and operating profit, its return on equity is relatively low at 6.2, and the stock is considered expensive with a price-to-book value of 2.8. Additionally, a concerning factor is that 96.28% of promoter shares are pledged, which can exert downward pressure on the stock price in a declining market.
In the broader market context, Gokaldas Exports has underperformed compared to the benchmark, with a one-year return of -18.08% against the BSE500's -5.32%. This significant disparity indicates that while the overall market has faced challenges, Gokaldas Exports has struggled even more. The company's recent performance, including a decrease in delivery volume by 39.48% against the five-day average, suggests a lack of investor confidence. Despite positive financial results over the last three quarters, the high level of pledged shares and the stock's premium valuation relative to peers contribute to its current downward trajectory.