Why is Meghmani Organi. falling/rising?

As of 06-Nov, Meghmani Organics Ltd is experiencing a decline in its stock price, currently at Rs 75.71, which reflects a decrease of 1.91 (-2.46%). The stock has been on a downward trend, having fallen for the last three days with a total return of -6.61% during this period. Although it opened with a gain of 2.15% today and reached an intraday high of Rs 79.29, it also touched a low of Rs 74.56. The stock is trading below its moving averages across various time frames, indicating a bearish trend. Additionally, while the stock has outperformed its sector by 0.58%, it has shown significant underperformance over the past week, month, year, and three years compared to the benchmark Sensex.
In the broader market context, the Sensex has declined by only 1.30% over the past week, contrasting with Meghmani Organics' 6.43% drop, highlighting the stock's relative weakness. The sector of Dyes & Pigments has also faced a downturn, falling by 3%, which may be contributing to the stock's struggles. Despite a rise in investor participation, as indicated by a 29.6% increase in delivery volume, the overall market sentiment appears to be negative, impacting the stock's performance.