Why is ION Exchange falling/rising?

As of 24-Sep, Ion Exchange (India) Ltd is experiencing a decline in its stock price, currently at Rs 420.95, reflecting a decrease of Rs 3.8 or 0.89%. The stock has been underperforming recently, with a consecutive fall over the last two days resulting in a total decline of 2%. It is also trading lower than its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a bearish trend. Additionally, the stock is close to its 52-week low, just 4.73% away from Rs 401.05. In terms of performance against benchmarks, the stock has fallen by 36.58% over the past year, significantly underperforming the broader market, which saw a decline of only 3.77%. While the company has shown high management efficiency with a return on equity (ROE) of 22.67% and a low debt-to-equity ratio, these positive factors are overshadowed by poor long-term growth metrics and negative financial results reported in June.
In the broader market context, Ion Exchange's short-term performance has been slightly better than the benchmark, with a 1-week return of -0.73% compared to the Sensex's -1.18%. However, the stock's year-to-date performance is concerning, with a decline of 35.73% against a 4.58% increase in the Sensex. The falling investor participation, evidenced by a 47.91% drop in delivery volume compared to the 5-day average, further exacerbates the stock's downward pressure. Despite the attractive valuation and slight profit increase over the past year, the overall sentiment remains negative due to the significant underperformance relative to the market and the company's recent financial struggles.