Why is Max Estates falling/rising?

As of 23-Sep, Max Estates Ltd is experiencing a decline in its stock price, currently at Rs 452.00, which reflects a decrease of Rs 20.15 or 4.27%. The stock has underperformed its sector by 3.35% today and has fallen after two consecutive days of gains. It touched an intraday low of Rs 451.95, indicating a downward trend. Over the past week, the stock has decreased by 3.83%, and year-to-date, it has seen a significant drop of 20.42%. Despite positive results in the last three quarters, including a higher PAT and net sales, the company faces challenges such as poor long-term growth, a low return on equity, and a high price-to-book value ratio, which contribute to its recent price movement.
In the broader market context, the stock's performance has lagged behind the Sensex, which has seen a slight increase of 0.98% over the past month. The consistent underperformance against the benchmark over the last three years, coupled with a significant decline of 23.29% in the past year, highlights the stock's struggles. Additionally, falling investor participation, as evidenced by a 32.4% drop in delivery volume, suggests a lack of confidence among investors, further exacerbating the stock's decline.