Why is Hariom Pipe falling/rising?

As of 23-Sep, Hariom Pipe Industries Ltd is experiencing a decline in its stock price, currently at Rs 512.10, which reflects a decrease of Rs 29.4 or 5.43%. The stock has underperformed its sector today by 6.72% and has been on a consecutive downward trend for the last two days, resulting in a total decline of 7.09%. Over the past week, the stock has decreased by 4.81%, while it has shown a modest increase of 3.18% over the past month. Despite the long-term growth potential indicated by a 47.58% annual growth in net sales and a 39.50% increase in operating profit, the stock has faced significant challenges, including a year-to-date return of only 2.70% compared to a 5.07% return for the benchmark. The stock's negative performance over the past year, with a decline of 35.32%, raises concerns, especially given that domestic mutual funds hold only a minimal stake of 0.44%, suggesting a lack of confidence in the current valuation.
In the broader market context, the stock's recent performance contrasts sharply with the benchmark, as it has significantly underperformed the BSE500, which has seen a decline of only 4.69% over the same period. This disparity highlights the stock's struggles relative to the market, particularly in light of its substantial drop over the past year. The rising investor participation, indicated by a 27.42% increase in delivery volume, may suggest some interest, but the overall liquidity remains cautious, with trading volumes reflecting a lower average. The stock's current valuation, trading at a discount compared to peers, may offer potential for recovery, but the persistent underperformance and low institutional interest could continue to weigh on its price movement in the near term.