Why is JK Tyre & Indust falling/rising?

As of 11-Aug, JK Tyre & Industries Ltd is experiencing a decline in its stock price, currently at 319.85, reflecting a decrease of 6.9 points or 2.11%. Today's price summary indicates that the stock opened with a gain of 3.43% but has since fallen, marking a trend reversal after two days of consecutive gains. The stock touched an intraday high of Rs 337.95 before dropping to a low of Rs 318.7. Additionally, the stock has underperformed its sector by 2.03% today and is trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages. Over the past year, the stock has generated a return of -22.48%, with profits declining by 46.7%. Despite a healthy long-term growth outlook with an annual operating profit growth rate of 23.65%, the current negative sentiment is likely influenced by the significant drop in profits and the stock's underperformance relative to its peers.
In the broader market context, JK Tyre's short-term performance has been notably worse than the benchmark Sensex, which has only declined by 0.51% over the past week compared to JK Tyre's 3.21% drop. This underperformance is further highlighted by the stock's year-to-date return of -17.62%, contrasting sharply with the Sensex's gain of 3.15%. While there is high institutional ownership at 22.53%, indicating some level of confidence from larger investors, the overall market sentiment appears to be weighing heavily on JK Tyre's stock price, contributing to its current decline.