Why is Indigo Paints falling/rising?

As of 06-Nov, Indigo Paints Ltd is currently priced at 985.00, reflecting a decrease of 11.8, or 1.18%. The stock has been underperforming, having fallen for the last two days with a total decline of 1.94%. It is trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a bearish trend. Over the past week, the stock has declined by 2.56%, and it has significantly underperformed the benchmark Sensex, which has gained 1.86% over the past month. Despite having a high management efficiency with a return on equity of 15.04% and a low debt-to-equity ratio, the stock has faced challenges, including a 39.77% decline in returns over the past year and a 0.7% drop in profits.
In the broader market context, the stock's recent performance contrasts sharply with the overall market, as the Sensex has increased by 6.62% year-to-date. The paints sector has also shown resilience, gaining 3.49%, while Indigo Paints has struggled with a 30.01% decline year-to-date. The company's flat results in the latest quarter, with net sales falling by 6.7% compared to previous averages, further contribute to its negative outlook. Additionally, the stock's consistent underperformance against benchmarks over the last three years raises concerns among investors, leading to decreased participation and liquidity in trading.