Why is JK Tyre & Indust falling/rising?

As of 28-Jul, JK Tyre & Industries Ltd is experiencing a decline in its stock price, currently at Rs 339.50, which reflects a decrease of Rs 6.95 or 2.01%. The stock has been underperforming, having fallen consecutively for the last two days with a total decline of 4.38%. It has also underperformed its sector by 1.7% today. Over the past week, the stock has decreased by 5.37%, and year-to-date, it has dropped by 12.56%. Additionally, the stock's performance has been hindered by a decrease in investor participation, with delivery volume falling by 9.85% against the five-day average. While the stock has a relatively attractive valuation with a return on capital employed (ROCE) of 12.6%, its profits have decreased by 35.7% over the past year, contributing to the negative sentiment surrounding it.
In the broader market context, JK Tyre's recent performance contrasts with the Sensex, which has only declined by 1.59% over the past week. This indicates that the stock is underperforming compared to the overall market trend. Despite high institutional holdings at 22.53%, which typically suggests a level of confidence from more knowledgeable investors, the stock's significant year-over-year decline of 23.71% further reflects underlying challenges. The stock is trading at a discount compared to its peers, but the combination of falling profits and recent price movements suggests that investors are cautious, leading to the current downward trend.