Why is K G Denim falling/rising?

As of 23-Sep, K G Denim Ltd's stock price is currently at Rs 19.77, reflecting a decline of Rs 1.42 or 6.7%. The stock has been underperforming, having lost 8.51% over the last two days and showing a significant drop of 10.87% over the past week. Today's trading saw the stock reach an intraday high of Rs 21.85 and a low of Rs 19.55, indicating high volatility with a wide trading range of Rs 2.3. The company has consistently reported negative results for the last 12 quarters, including a 15.86% fall in net sales and a negative book value, which contributes to its weak long-term fundamental strength. Additionally, the stock has a high debt-to-equity ratio of 2.77 times and has generated a low return on equity of 1.85%, further exacerbating investor concerns.
In the broader market context, K G Denim's performance has been notably poor compared to the benchmark, with a year-to-date decline of 20.60% against a 5.07% gain in the Sensex. Over the past three years, the stock has underperformed the benchmark significantly, with a return of -47.14% compared to a 41.31% increase in the Sensex. This consistent underperformance, coupled with falling investor participation and a decline in delivery volume, suggests a lack of confidence among investors, contributing to the stock's downward trajectory.