Why is Indigo Paints falling/rising?

As of 04-Aug, Indigo Paints Ltd is experiencing a decline in its stock price, currently at Rs 1,191.50, which reflects a decrease of Rs 13.1 or 1.09%. Today's price movement indicates that the stock opened with a gain of 2.11% but subsequently fell to an intraday low of Rs 1,166.5, resulting in underperformance against its sector by 1.7%. Over the past week, the stock has shown a positive return of 4.38%, although it has underperformed over the past month with a decline of 0.80%. Despite a high management efficiency indicated by a return on equity (ROE) of 15.04% and a low debt-to-equity ratio, the stock has faced challenges, including a significant year-to-date decline of 15.33% and a 19.31% drop over the past year, alongside a decrease in profits by 3.2%.
In the broader market context, while the Sensex has increased by 0.16% over the past week, Indigo Paints has outperformed this benchmark, suggesting some resilience in the short term. However, the stock's year-to-date performance is notably worse than the Sensex, which has gained 3.69% during the same period. The high institutional holdings at 30.99% may provide some support, as these investors tend to have a better grasp of the company's fundamentals. Nonetheless, the falling investor participation, as indicated by a 34.19% drop in delivery volume, may contribute to the stock's downward pressure, reflecting a cautious sentiment among retail investors.