Why is Indegene falling/rising?

As of 10-Nov, Indegene Ltd's stock price is currently at 518.15, reflecting a decrease of 5.0, or 0.96%. The stock has been underperforming, having fallen consecutively for the last three days, resulting in a total decline of 3.76% during this period. Additionally, the stock has shown a significant negative performance over various time frames, with a year-to-date decline of 14.21% and a one-year drop of 24.77%. Despite a low debt-to-equity ratio and an attractive valuation indicated by a Price to Book Value of 0.4, the company's recent quarterly results showed a decline in profit after tax, which may have contributed to the stock's downward movement. Furthermore, while institutional investors have increased their stake by 7.05%, the overall sentiment remains cautious due to the stock's underperformance compared to broader market indices.
In the broader market context, Indegene's short-term performance has been notably weaker than the benchmark, with a one-week return of -3.38% compared to the Sensex's decline of only -0.53%. This underperformance is indicative of investor sentiment that may be influenced by the company's flat quarterly results and its inability to generate positive returns over the past year. The stock's trading below all major moving averages further suggests a bearish trend, despite rising investor participation as indicated by increased delivery volume. Overall, these factors contribute to a challenging environment for Indegene Ltd, leading to its current price decline.