Why is HFCL falling/rising?

As of 28-Aug, HFCL Ltd is experiencing a decline in its stock price, currently at Rs. 69.80, which represents a decrease of 1.98 (-2.76%). The stock has hit a new 52-week low of Rs. 69.4 today and has underperformed its sector by 0.5%. Over the past week, HFCL has seen a return of -4.12%, and its performance over the last month shows a significant drop of -8.63%. The company has reported negative results for the last three consecutive quarters, with net sales falling by 24.8% and profits down by 90.9%. Additionally, 54.12% of promoter shares are pledged, which adds downward pressure on the stock price in a falling market.
In the broader market context, HFCL's short-term performance is notably worse than the benchmark, with the Sensex declining by only 2.34% over the same week. The telecommunications equipment sector has also faced challenges, falling by 2.18%. The stock's liquidity appears sufficient for trading, but the delivery volume has decreased significantly, indicating a lack of investor interest. Overall, HFCL's poor long-term growth prospects, coupled with a significant drop in sales and profits, contribute to its recent price decline, which is further exacerbated by the high proportion of pledged shares among promoters.