Why is Mercury EV-Tech falling/rising?

As of 15-Oct, Mercury EV-Tech Ltd's stock price is currently at Rs. 44.33, reflecting a decline of Rs. 0.64 or 1.42%. The stock has hit a new 52-week low today and has been underperforming its sector by 3.19%. Over the past three days, the stock has experienced a consecutive fall, resulting in a total decline of 4.07%. Additionally, it is trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages. In terms of performance against benchmarks, the stock has seen a significant drop of 50.77% year-to-date and 62.90% over the past year, while the Sensex has gained 5.72% and 0.96%, respectively. There is a notable increase in investor participation, with delivery volume rising by 996.65% against the 5-day average, indicating some interest despite the overall decline.
Broader Market Context: In the short term, Mercury EV-Tech's performance has been significantly worse than the Sensex, which has gained 1.02% over the past week while the stock has dropped by 3.99%. This stark contrast highlights the challenges the company is facing in the current market environment. The broader market appears to be performing well, contrasting sharply with Mercury EV-Tech's struggles, which may be contributing to investor sentiment and the stock's recent downward trajectory.