Why is Mega Nirman falling/rising?

As of 12-Jun, Mega Nirman & Industries Ltd is experiencing a decline in its stock price, currently at Rs 24.50, which reflects a decrease of 2.34 (-8.72%). Today's price summary indicates that the stock underperformed its sector by 7.26% and opened with a loss of 2.68%. After three consecutive days of gains, the stock has reversed its trend, touching an intraday low of Rs 24.26, which is a significant drop of 9.61%. While the stock has shown strong performance over the past year with a return of 44.88%, it is facing challenges such as operating losses and a weak long-term fundamental strength, with a negative annual growth rate in operating profit of -2.09%. Additionally, the stock is trading at a premium compared to its peers, indicated by a high Price to Book Value of 1.9, which may deter investors.
In the broader market context, the stock's recent performance contrasts with the benchmark, as it has underperformed in the short term with a 1-week return of -0.77% compared to the Sensex's gain of 0.31%. Despite its strong year-to-date return of 21.05%, the stock's current decline suggests that investor sentiment may be shifting due to concerns over its operational efficiency and valuation. The falling investor participation, with a significant drop in delivery volume, further indicates a lack of confidence among shareholders, which could be contributing to the stock's downward movement.