Why is I G Petrochems falling/rising?

As of 24-Jun, I G Petrochemicals Ltd is experiencing a decline in its stock price, currently at Rs 454.25, reflecting a decrease of Rs 3.35 or 0.73%. The stock has underperformed its sector by 1.13% today and has been on a downward trend, falling for the last two days with a total return of -2.52%. Although it opened with a gain of 2.93% and reached an intraday high of Rs 471, the overall performance has been disappointing, with a 1-week return of -4.32% and a year-to-date decline of -18.60%. The company has a low debt-to-equity ratio of 0.03, and while its return on equity is 8.1, indicating attractive valuation, the stock is trading at a premium compared to its peers. Despite a significant profit increase of 175% over the past year, the stock's return has been -25.08%, which raises concerns about its long-term growth potential.
In the broader market context, the stock's recent performance contrasts sharply with the benchmark, as it has consistently underperformed against the BSE 500 over the last three years, including a 1-year return of -25.08% compared to the benchmark's 6.10% gain. The decline in institutional investor participation, with a decrease of -0.89% in their stake, further exacerbates the stock's challenges, as these investors typically possess better analytical capabilities. The company's flat results in March, including a significant drop in profit after tax and operating profit growth, contribute to the negative sentiment surrounding the stock. Overall, the combination of poor short-term performance, declining institutional interest, and lackluster long-term growth prospects has led to the stock's current downward movement.