Why is Nitco falling/rising?

As of 03-Nov, Nitco Ltd's stock is currently priced at 101.00, reflecting a decline of 7.65 points or 7.04%. The stock has been underperforming, having lost 8.6% over the last two days and trading significantly lower than its moving averages across various time frames. Today's trading saw the stock reach an intraday low of Rs 99, indicating high volatility with an intraday fluctuation of 7.21%. Additionally, the stock has underperformed the sector by 6.25% today. Despite a notable increase in operating profit and cash reserves reported earlier, the company faces severe long-term challenges, including a negative return on capital employed and a high debt-to-EBITDA ratio, which contribute to its weak performance and investor sentiment.
In the broader market context, Nitco's recent performance contrasts sharply with the benchmark, as it has declined by 12.40% over the past week while the Sensex has only dipped by 0.94%. Over the past year, Nitco has generated negative returns of 18.55%, significantly underperforming the market, which has seen an overall increase of 3.92%. The high percentage of pledged promoter shares further exacerbates the stock's downward pressure, especially in a declining market. Overall, the combination of weak fundamentals, poor recent performance, and unfavorable market conditions has led to the stock's current decline.