Why is IRM Energy falling/rising?

As of 24-Jun, IRM Energy Ltd's stock price is currently at Rs 299.00, reflecting a decrease of Rs 7.3 or 2.38%. The stock has recently experienced a trend reversal, falling after two consecutive days of gains. Today's performance indicates that it underperformed its sector by 2.65%. The stock reached an intraday high of Rs 314.5 but fell to a low of Rs 299, with trading volume skewed towards the lower price. Over the past week, the stock has shown a positive return of 2.47%, but it has significantly underperformed on a year-to-date basis with a decline of 14.07%. The company has reported negative results for the last five consecutive quarters, with a substantial drop in profits and a poor long-term growth outlook, which contributes to the stock's recent decline.
In the broader market context, while the Sensex has shown a modest increase of 0.58% over the past week, IRM Energy's performance has lagged behind, indicating a lack of investor confidence. The stock's year-to-date performance is notably poor compared to the benchmark, which has gained 5.01%. This underperformance is compounded by the company's low return on equity and high valuation metrics, suggesting that investors are wary of its financial health and future prospects. Overall, the combination of negative financial results, poor long-term growth, and underperformance relative to the benchmark has led to the stock's decline.