Why is Mazagon Dock falling/rising?

As of 29-Jul, Mazagon Dock Shipbuilders Ltd's stock price is currently at 2,719.75, reflecting a decline of 70.05 points or 2.51%. The stock has been underperforming recently, having fallen consecutively for the last three days, resulting in an overall drop of 8.12% during this period. It opened with a loss of 3.22% today and reached an intraday low of Rs 2,644.90. Over the past week, the stock has decreased by 6.93%, and over the last month, it has seen a significant decline of 14.19%. Despite a strong long-term fundamental strength indicated by an average Return on Equity (ROE) of 23.87% and healthy growth in net sales, the recent negative financial results for the quarter ending June 25, including a 42.8% drop in profit before tax, have likely contributed to the stock's downward movement. Additionally, a reduction in promoter confidence, with a 3.61% decrease in their stake, may signal concerns about the company's future performance.
In the broader market context, while Mazagon Dock has shown a year-to-date return of 22.08%, significantly outperforming the Sensex's 4.09%, its recent short-term performance contrasts sharply with the benchmark. The stock's 1-week decline of 6.93% is notably worse than the Sensex's decrease of only 1.03% during the same period. This underperformance, coupled with the stock's current trading at a premium valuation compared to peers, suggests that investor sentiment is cautious, particularly in light of the recent disappointing earnings and reduced promoter confidence.