Why is Indian Acrylics falling/rising?

As of 01-Sep, Indian Acrylics Ltd is experiencing a decline in its stock price, currently at 7.50, reflecting a decrease of 0.22 or 2.85%. The stock has underperformed its sector by 2.98% today and is trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages. Over the past week, the stock has dropped by 6.48%, and it has shown a year-to-date decline of 30.56%. The company has reported negative results for the last nine consecutive quarters, with net sales and profit after tax both declining by 24.31%. Additionally, the high debt-to-equity ratio of 17.21 times and a negative EBITDA signal weak long-term fundamental strength, contributing to the stock's recent downward movement.
In the broader market context, the Sensex has only decreased by 1.56% over the past week, indicating that Indian Acrylics is significantly underperforming compared to the benchmark. The stock's consistent underperformance over the last three years, with a return of -39.22% in the past year, further highlights its struggles against the BSE500. The presence of pledged promoter shares, which account for 26.36%, adds to the risk, particularly in a declining market, potentially exerting additional downward pressure on the stock price. Overall, the combination of poor financial performance, high debt levels, and consistent underperformance against the benchmark contributes to the stock's current decline.