Why is Newgen Software falling/rising?

As of 08-Aug, Newgen Software Technologies Ltd is experiencing a decline in its stock price, currently at Rs 875.00, reflecting a decrease of Rs 29.45 or 3.26%. The stock has been underperforming, having fallen consecutively for the last three days, resulting in a total decline of 6.89% during this period. Additionally, it is trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a bearish trend. The stock's performance over the past month shows a significant drop of 22.67%, while it has underperformed the sector by 2.46% today. Despite high management efficiency and a healthy long-term growth rate in operating profit, the company has faced challenges, including flat quarterly results and a high valuation compared to its peers, contributing to investor concerns.
In the broader market context, Newgen Software's recent performance contrasts sharply with the benchmark, as it has generated a return of -14.11% over the past year, while the Sensex has only declined by 1.23%. This underperformance is further highlighted by the stock's significant drop of 48.54% year-to-date, compared to a modest increase of 2.20% in the broader market. The falling investor participation, with a delivery volume decrease of 58.78% against the 5-day average, suggests waning interest among investors, which may be exacerbating the stock's decline. Overall, the combination of disappointing financial results, high valuation concerns, and a lack of investor confidence is driving the stock lower in a challenging market environment.