Why is Indiabulls Enter falling/rising?

As of 02-Jul, Indiabulls Enterprises Ltd is experiencing a decline in its stock price, currently at 21.52, reflecting a decrease of 0.44 or 2.0%. The stock has underperformed its sector by 0.92% today and has been on a downward trend, losing 4.36% over the last two days. Despite a strong performance over the past year with a return of 74.96%, the stock has faced challenges recently, including a significant drop in delivery volume by 69.75% against the 5-day average. The company is also grappling with a negative book value and a high Debt to EBITDA ratio of 6.38 times, which raises concerns about its ability to service debt and sustain operations without raising fresh capital or reporting profits. Additionally, the promoters have reduced their stake by 7.56%, indicating a potential lack of confidence in the company's future.
In the broader market context, the stock's short-term performance has been notably poor, with a 1-week return of -13.05%, contrasting sharply with the Sensex, which has gained 0.79% in the same period. While the stock has outperformed the benchmark over the longer term, its recent struggles highlight a divergence from the overall market trend. The company's weak financial indicators, including a PAT of Rs -119.33 crore and a ROCE of -129.45%, further contribute to the negative sentiment surrounding the stock, making it a risky investment compared to its historical valuations.