Why is Indian Renewable falling/rising?

As of 22-Jul, Indian Renewable Energy Development Agency Ltd's stock price is currently at 156.20, reflecting a decrease of 1.05, or 0.67%. The stock has been underperforming, having fallen consecutively for the last four days, resulting in a total decline of 2.38% during this period. Additionally, the stock has shown negative returns over various time frames, including a 1-week decline of 2.10% and a year-to-date drop of 27.40%. Despite a strong long-term fundamental strength indicated by an average Return on Equity (ROE) of 15.59% and significant growth in net sales and operating profit, the recent flat results in the June quarter, with a substantial drop in profit before tax and profit after tax, have negatively impacted investor sentiment. The stock's high valuation, reflected in a Price to Book Value ratio of 4.3, further complicates its appeal, especially given its significant underperformance compared to the broader market.
In the broader market context, the stock's performance has been notably weaker than the benchmark, with a 1-month decline of 5.42% compared to a slight drop of 0.27% in the Sensex. This underperformance is evident over the last year as well, where the stock has generated a return of -42.03%, contrasting sharply with the Sensex's gain of 2.09%. While there has been an increase in institutional investor participation, which may provide some support, the overall market sentiment remains cautious due to the stock's recent poor performance and disappointing earnings results.