Why is Newgen Software falling/rising?

As of 17-Sep, Newgen Software Technologies Ltd is currently priced at 884.95, reflecting a slight increase of 1.25 or 0.14%. Despite this minor uptick, the stock has underperformed its sector by 0.51% today and is trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages. Over the past week, the stock has decreased by 0.23%, and it has shown a significant decline of 47.96% year-to-date. The company has high management efficiency with a return on equity (ROE) of 19.71% and a low debt-to-equity ratio, which are positive indicators. However, recent financial results have been disappointing, with a 10.81% drop in profit before tax and the lowest operating profit to net sales ratio recorded. This combination of strong fundamentals and recent poor performance has contributed to the stock's current position.
In the broader market context, the stock has significantly underperformed compared to the benchmark, with a year-to-date decline of 47.96% against the Sensex's gain of 5.83%. While the overall market has shown resilience, Newgen Software's performance has been lackluster, particularly over the past year where it fell by 27.94% compared to the BSE500's negative return of only 2.63%. The high institutional holdings at 28.6% suggest that knowledgeable investors are involved, but the stock's expensive valuation, indicated by a price-to-book ratio of 8.3, raises concerns. This combination of factors indicates that while there are some positive aspects to the company, the overall sentiment remains cautious, contributing to the stock's recent struggles.