Why is Indiabulls Enter falling/rising?

As of 13-Jun, Indiabulls Enterprises Ltd is experiencing a price increase, currently at Rs 21.57, reflecting a change of 2.13 or 10.96% upward. The stock has shown strong performance recently, gaining 17.93% over the past week and 38.98% over the last month. Today's trading has been characterized by high volatility, with an intraday range of Rs 3.06, and the stock has outperformed its sector by 11.52%. Despite these positive movements, the company faces significant challenges, including a negative book value and a high Debt to EBITDA ratio of 6.38 times, which raises concerns about its long-term financial health. Additionally, the promoters have reduced their stake by 7.56%, indicating a potential lack of confidence in the company's future.
Broader market context shows that while Indiabulls Enterprises Ltd has outperformed the benchmark Sensex significantly in the short term, with a 1-year return of 62.30% compared to the Sensex's 5.61%, the overall market has been relatively flat recently, with the Sensex down 1.30% over the past week. This divergence suggests that investor interest in Indiabulls may be driven by specific factors related to the company's recent performance and trading activity, despite the underlying financial risks and declining promoter confidence.