Why is Max India Ltd falling/rising?

As of 19-Nov, Max India Ltd is experiencing a decline in its stock price, currently at 200.40, which reflects a decrease of 1.4 or 0.69%. The stock has underperformed significantly today, lagging behind its sector by 100.19%. Additionally, it is trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a bearish trend. The stock's performance over the past week shows a decline of 3.00%, and it has fallen 4.43% over the past month. Year-to-date, the stock is down 22.07%, while its one-year performance shows a decrease of 12.49%. Notably, investor participation has also diminished, with delivery volume dropping by 66.02% compared to the 5-day average, suggesting reduced interest in trading the stock.
In the broader market context, the Sensex has shown a positive return of 0.85% over the past week and 1.47% over the past month, contrasting sharply with Max India Ltd's negative returns. This underperformance relative to the benchmark indicates that the stock is not only struggling in isolation but is also failing to keep pace with the overall market trends. The liquidity of the stock remains adequate for small trades, but the significant drop in delivery volume and consistent underperformance against the benchmark suggest a lack of confidence among investors, contributing to the stock's decline.