Why is Indiabulls Enter falling/rising?

As of 04-Jul, Indiabulls Enterprises Ltd is experiencing a decline in its stock price, currently at 20.27, which reflects a decrease of 0.41 or 1.98%. The stock has been underperforming, having fallen consecutively for the last four days, resulting in a total drop of 9.91% during this period. Despite a strong performance over the past year with a return of 69.62%, the stock has recently shown weakness, particularly with a negative profit after tax of Rs -119.33 crore and a significant drop in investor participation, as evidenced by a 9.2% decrease in delivery volume. Additionally, the company's negative book value and high debt to EBITDA ratio of 6.38 times raise concerns about its long-term viability, contributing to the stock's current downward trend.
In the broader market context, the stock's recent performance contrasts sharply with the benchmark, as it has underperformed the Sensex by 7.78% over the past week, while the Sensex itself has only declined by 0.74%. Although the stock has outperformed the market over the past month with a return of 13.30% compared to the Sensex's 3.01%, the recent negative trends and reduced promoter confidence—indicated by a 7.56% decrease in their stake—suggest a lack of optimism regarding the company's future. This combination of factors has led to a cautious outlook among investors, contributing to the stock's current decline.