Why is JK Tyre & Indust falling/rising?

As of 23-Jun, JK Tyre & Industries Ltd is experiencing a decline in its stock price, currently at Rs 342.95, reflecting a decrease of Rs 7.05 or 2.01%. The stock has underperformed its sector by 1.96% today and has been on a downward trend for the last three days, accumulating a total loss of 5.65% during this period. Over the past week, the stock has dropped by 6.44%, and its year-to-date performance shows a significant decline of 11.67%. The company's profits have also fallen sharply by 35.7% over the past year, contributing to the negative sentiment surrounding the stock. Despite having a relatively attractive valuation with a return on capital employed (ROCE) of 12.6% and high institutional holdings at 22.09%, the negative results declared over the last three consecutive quarters have overshadowed these positive factors.
In the broader market context, the stock's performance has been notably weaker compared to the benchmark index, the Sensex, which has shown a slight gain of 0.12% over the past week. While the Sensex has generated a return of 4.81% year-to-date, JK Tyre's negative return of 11.67% indicates a significant underperformance. This disparity highlights the challenges faced by JK Tyre in the current market environment, where it has not only lagged behind the broader market but also failed to recover from its recent negative earnings reports. The combination of declining profits, consecutive quarterly losses, and underperformance relative to the market has led to a bearish outlook for the stock.