Why is Indigo Paints falling/rising?

As of 08-Oct, Indigo Paints Ltd is currently priced at Rs 1,042.35, reflecting a decrease of Rs 16.55 or 1.56%. The stock has been underperforming, having fallen consecutively for the last three days, resulting in a total decline of 4.95% during this period. It is trading below all its moving averages, indicating a bearish trend. Additionally, the stock's performance over the past week and month shows declines of 2.86% and 9.01%, respectively, while it has significantly underperformed the benchmark Sensex, which has gained 0.98% over the same week and 1.22% over the month. Despite having a high return on equity (ROE) of 15.04% and low debt levels, the company's recent financial performance has been disappointing, with profits falling by 0.7% over the past year and a significant drop in quarterly profits compared to previous averages.
In the broader market context, Indigo Paints has consistently underperformed against the benchmark over the last three years, with a one-year return of -29.01% compared to the Sensex's modest gain of 0.17%. This trend of underperformance is compounded by poor long-term growth indicators, such as low net sales growth and declining operating profits. The stock's liquidity remains adequate, but falling investor participation, as evidenced by a decrease in delivery volume, suggests waning interest among traders. While institutional holdings have increased, indicating some level of confidence from larger investors, the overall sentiment appears negative, leading to the stock's current downward trajectory.