Why is Mega Nirman falling/rising?

As of 07-Jul, Mega Nirman & Industries Ltd is experiencing a decline in its stock price, currently at Rs 21.35, which reflects a decrease of 1.08 (-4.81%). The stock has underperformed its sector today, with a consecutive fall over the last two days resulting in a total drop of 9.53%. Despite opening with a gain of 4.32% and reaching an intraday high of Rs 23.4, it ultimately fell to its current price. Over the past week, the stock has decreased by 7.54%, and over the last month, it has dropped 12.75%, contrasting with the Sensex, which has shown a slight increase of 1.53% during the same period. The company is facing operating losses and has a weak long-term fundamental strength, with poor growth reflected in an annual operating profit decline of 2.09%. Additionally, the stock's valuation appears expensive compared to its peers, contributing to investor concerns.
In the broader market context, the stock's recent performance has been notably weaker than the benchmark, as it has lost significantly more value over the short term compared to the Sensex's minor decline of 0.20% over the past week. The falling investor participation, with a drastic drop in delivery volume, indicates a lack of confidence among investors. Furthermore, the company's return on equity (ROE) of 0.9 and a high price-to-book value ratio suggest that the stock is trading at a premium, which may deter potential buyers. Overall, these factors combined with the company's flat results and weak growth prospects contribute to the stock's downward trajectory.