Why is Indiabulls Enter falling/rising?

As of 07-Jul, Indiabulls Enterprises Ltd is experiencing a decline in its stock price, currently at 20.00, reflecting a decrease of 0.27 or 1.33%. The stock has been underperforming, having fallen consecutively for the last five days, resulting in a total decline of 11.11% over that period. Despite a strong performance over the past year with a return of 68.63%, the company is facing significant challenges, including a negative book value and a high Debt to EBITDA ratio of 6.38 times. Additionally, the company has reported substantial losses, with a profit before tax of Rs -121.46 cr and a profit after tax of Rs -119.33 cr, both showing drastic declines compared to previous quarters. The recent decrease in promoter stake by 7.56% further indicates a lack of confidence in the company's future.
In the broader market context, the stock's recent performance contrasts sharply with the benchmark, as it has underperformed the Sensex, which has only declined by 0.20% over the same week. While the stock has shown positive returns over the past month (+9.35%) and year-to-date (+4.11%), the current downward trend raises concerns about its sustainability, especially given the company's weak long-term fundamentals and negative EBITDA. The rising investor participation, indicated by a significant increase in delivery volume, may not be enough to offset the negative sentiment surrounding the company's financial health and the recent decline in promoter confidence.