Why is Mercury EV-Tech falling/rising?

As of 10-Jul, Mercury EV-Tech Ltd's stock price is currently at Rs 53.00, reflecting a decrease of Rs 0.49 or 0.92%. The stock has been underperforming, having fallen consecutively for the last two days, resulting in a total decline of 2.79%. It is trading lower than its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a bearish trend. Additionally, the stock is close to its 52-week low, just 3.32% away from Rs 51.24. Despite reporting positive results over the last three quarters, including significant growth in net sales and operating profit, the company faces challenges such as a high Debt to EBITDA ratio of 9.32 times and a low Return on Equity of 2.73%, which contribute to its negative performance.
In the broader market context, the stock has significantly underperformed the benchmark, with a one-year return of -29.10% compared to the Sensex's gain of 4.09%. Over the past month, while the stock has declined by 12.63%, the benchmark has increased by 0.97%. This stark contrast highlights the stock's struggles in attracting investor confidence, as evidenced by a 33.47% drop in delivery volume compared to the 5-day average. Furthermore, the absence of domestic mutual fund investment suggests a lack of confidence in the company's valuation and future prospects, reinforcing the stock's downward trajectory in the current market environment.