Why is Newgen Software falling/rising?

As of 21-Aug, Newgen Software Technologies Ltd is experiencing a decline in its stock price, currently at 868.55, reflecting a decrease of 9.75 or 1.11%. The stock has underperformed its sector today by 1.24%, and it is trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages. Over the past week, the stock has fallen by 2.12%, and it has seen a significant drop of 48.92% year-to-date. Additionally, the delivery volume has decreased by 49.22% compared to the 5-day average, indicating falling investor participation. While the company boasts a high management efficiency with a return on equity (ROE) of 19.71% and a low debt-to-equity ratio, the recent flat results and high valuation metrics, such as a price-to-book value of 8.1, contribute to the stock's negative performance.
In the broader market context, the stock's performance has been notably weaker than the benchmark, with a year-to-date return of -48.92% compared to the Sensex's gain of 4.94%. Over the last year, Newgen Software has underperformed the market significantly, generating a return of -20.48% while the broader market (BSE500) fell by only 1.56%. This stark contrast highlights the challenges the company faces, including flat quarterly results and a high PEG ratio of 2.3, which suggests that the stock may be overvalued relative to its earnings growth. Despite the healthy long-term growth in operating profit, these factors have led to a lack of investor confidence, resulting in the stock's decline.