Why is IRB Infra.Devl. falling/rising?

As of 04-Sep, IRB Infrastructure Developers Ltd is experiencing a decline in its stock price, currently at Rs 42.71, which reflects a decrease of 0.29 or 0.67%. The stock is trading lower than its moving averages across various time frames, indicating a bearish trend. Additionally, the stock is close to its 52-week low, being just 3.98% away from Rs 41.01. Over the past month, the stock has underperformed significantly, with a return of -5.59%, compared to a minor decline of 0.37% in the benchmark Sensex. Despite the company reporting positive results for the last three consecutive quarters, including a 26.86% growth in profit after tax, the overall long-term fundamentals appear weak, with a low return on capital employed and high debt levels contributing to negative sentiment.
In the broader market context, while the stock has shown a positive return of 0.87% over the past week, it has significantly underperformed the market over the last year, with a return of -32.42% compared to the Sensex's decline of only 1.98%. The high percentage of pledged promoter shares (55.47%) adds to the downward pressure on the stock, particularly in a falling market. The stock's valuation is considered expensive relative to its fundamentals, and the high debt to EBITDA ratio raises concerns about its ability to service debt, further impacting investor confidence. Overall, these factors contribute to the stock's current downward movement.