Why is Grindwell Norton falling/rising?

As of 23-Jul, Grindwell Norton Ltd. is experiencing a decline in its stock price, currently at 1,756.20, down by 13.8 points or 0.78%. The stock has been losing value for the last two days, with a total decrease of 1.61% during this period. It has traded within a narrow range of Rs 13.95, and the delivery volume has significantly decreased by 63.14% compared to the 5-day average, indicating falling investor participation. Despite having a high return on equity (ROE) of 18.29% and low debt-to-equity ratio, the company has shown poor long-term growth, with net sales growing at an annual rate of only 12.22% over the last five years. The stock's performance over the past year has been particularly concerning, with a return of -31.25% and a very expensive valuation reflected in its price-to-book ratio of 8.6.
In the broader market context, Grindwell Norton's short-term performance has underperformed the benchmark, with a 1-week return of -1.06% compared to the Sensex's slight gain of 0.11%. While the stock has shown some positive returns over the past month at +8.35%, the overall trend remains negative, particularly in the long term, where it has underperformed the BSE500 index over the last three years, one year, and three months. This underperformance, coupled with flat results and declining investor interest, contributes to a bearish sentiment surrounding the stock, making it less attractive to potential investors.