Why is ION Exchange falling/rising?

As of 28-Jul, Ion Exchange (India) Ltd is experiencing a decline in its stock price, currently at 460.50, which reflects a decrease of 5.8 or 1.24%. The stock has been on a consecutive fall for the last eight days, resulting in a significant drop of 19.03% 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 decreased by 43.9% compared to the 5-day average, suggesting a decline in investor participation. Over the past year, the stock has underperformed significantly, with a return of -35.81%, while the company's profits have only risen by 6%, contributing to a negative perception among investors.
In the broader market context, Ion Exchange's short-term performance has been notably worse than the benchmark, with a 1-week return of -15.89% compared to the Sensex's -1.59%. This stark contrast highlights the stock's struggle in a generally declining market. Despite the company's high management efficiency and attractive valuation metrics, such as a low debt-to-equity ratio and a fair price-to-book value, the long-term growth prospects appear poor, with net sales and operating profit growth rates lagging behind expectations. The negative financial results reported in March, including a drop in profit before tax and profit after tax, further exacerbate the stock's downward trajectory, leading to a cautious outlook among investors.