Why is Jai Balaji Inds. falling/rising?

As of 17-Nov, Jai Balaji Industries Ltd is experiencing a decline in its stock price, currently at Rs. 84.13, reflecting a decrease of Rs. 1.86 or 2.16%. The stock has hit a new 52-week low of Rs. 80.22 today and has been on a downward trend, losing 5.46% over the past four days. It has underperformed its sector by 2.19% today and is trading below all key moving averages, indicating weak momentum. Additionally, the stock has generated a staggering -55.01% return over the past year, while its profits have fallen by 66.3%, contributing to a negative sentiment among investors. The company has also reported negative results for three consecutive quarters, with a significant drop in net sales of 13.06%, which has further pressured the stock price.
In the broader market context, the stock's performance has been notably poor compared to the benchmark, as it has underperformed the BSE500 index, which has returned 8.59% over the last year. This stark contrast highlights the challenges faced by Jai Balaji Industries Ltd, particularly with 26.02% of promoter shares pledged, which can exacerbate downward pressure in a falling market. The recent decline in investor participation, evidenced by a drop in delivery volume, also signals waning confidence in the stock. Overall, the combination of negative financial results, poor stock performance relative to the market, and high promoter pledging contributes to the ongoing decline in Jai Balaji Industries Ltd's stock price.