Why is JK Tyre & Indust falling/rising?

As of 29-Aug, JK Tyre & Industries Ltd is experiencing a decline in its stock price, currently at 319.50, which reflects a decrease of 1.55 or 0.48%. The stock is trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a bearish trend. Despite a rise in delivery volume by 7.58% against the 5-day average, the stock has underperformed in the short term, with a 1-week return of -1.98% and a 1-month return of -6.93%. Over the past year, the stock has generated a return of -21.11%, while profits have fallen significantly by 46.7%. Although the company shows healthy long-term growth potential with an annual operating profit growth rate of 23.65% and attractive valuation metrics, these factors have not been sufficient to counteract the recent negative performance.
In the broader market context, JK Tyre's short-term performance has lagged behind the benchmark Sensex, which has seen a decline of 1.84% over the same 1-week period. The stock's year-to-date performance is notably poor at -17.71%, contrasting sharply with the Sensex's positive return of 2.14%. The high institutional holdings at 22.53% suggest that knowledgeable investors are backing the stock, yet the overall sentiment remains cautious due to the significant drop in profits and the stock's underperformance relative to its peers. This combination of factors contributes to the current downward pressure on JK Tyre's stock price.