Why is Jai Balaji Inds. falling/rising?

As of 22-Jul, Jai Balaji Industries Ltd is experiencing a decline in its stock price, currently at Rs 119.95, which reflects a decrease of Rs 2.05 or 1.68%. The stock has underperformed its sector by 1.28% today, reaching an intraday low of Rs 118.7. In terms of returns, the stock has shown a negative performance of 1.56% over the past week and a significant drop of 26.39% over the past year. Although there has been a healthy long-term growth in operating profit at an annual rate of 71.06%, the company has faced challenges, including a 13.87% decline in net sales and negative results for the last two consecutive quarters, which have contributed to the stock's downward movement.
In the broader market context, the stock's performance has lagged behind the benchmark, with the Sensex showing a slight decline of only 0.47% over the past week and a positive return of 5.18% year-to-date. The stock's underperformance is further exacerbated by the fact that 26.02% of promoter shares are pledged, adding downward pressure in a falling market. Despite a strong long-term growth trajectory, the recent negative financial results and the stock's substantial underperformance compared to the market have led to a bearish sentiment among investors.