Why is Indian Acrylics falling/rising?

As of 24-Sep, Indian Acrylics Ltd is experiencing a decline in its stock price, currently at 7.60, reflecting a decrease of 0.03 or 0.39%. The stock has been underperforming, having fallen for the last two days with a total return of -1.94% during this period. It is trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a bearish trend. Additionally, the delivery volume has significantly decreased by 52.63% compared to the 5-day average, suggesting a lack of investor interest. The company has reported negative results for the last nine consecutive quarters, with net sales and profit after tax both declining by 24.31%. The high debt levels, with a debt-equity ratio of 17.21 times, further exacerbate its weak long-term fundamentals, contributing to the stock's downward pressure.
In the broader market context, Indian Acrylics has underperformed against the benchmark, with a 1-week return of -2.31% compared to the Sensex's -1.18%. Over the past year, the stock has generated a return of -43.79%, while the benchmark has only declined by 3.77%. This consistent underperformance, coupled with the high percentage of pledged promoter shares (26.36%), adds to the stock's risk profile and potential for further declines in a falling market. Overall, the combination of poor financial performance, high debt, and lack of investor participation is driving the stock's price down.