Why is Newgen Software falling/rising?

As of 09-Sep, Newgen Software Technologies Ltd is experiencing a decline in its stock price, currently at 878.00, which reflects a decrease of 7.8 points or 0.88%. The stock has underperformed its sector by 3.05% today and has been on a consecutive downward trend for the last four days, resulting in a total decline of 3.18% during this period. Additionally, the stock is trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages. Over the past year, Newgen Software has generated a return of -18.93%, significantly underperforming the broader market, which saw a decline of only 0.56%. Despite a high management efficiency indicated by a return on equity (ROE) of 19.71% and a low debt-to-equity ratio, the company's recent flat financial results and high valuation compared to peers have negatively impacted investor sentiment.
In the broader market context, while the IT software sector has gained by 2.18%, Newgen Software's performance has been lackluster, contributing to its recent price decline. The stock's year-to-date performance shows a substantial drop of 48.37%, contrasting sharply with the Sensex, which has increased by 3.79%. The company's high institutional holdings at 28.6% suggest that knowledgeable investors are closely monitoring its fundamentals, yet the stock's expensive valuation, indicated by a price-to-book ratio of 8.2, raises concerns. Furthermore, the company's recent operating profit results, which are the lowest recorded, have led to a negative outlook, reinforcing the stock's downward trajectory amidst a generally recovering market.