Why is ONGC falling/rising?

As of 01-Aug, Oil & Natural Gas Corporation Ltd. is experiencing a decline in its stock price, currently at Rs 236.85, which reflects a decrease of Rs 3.65 or 1.52%. The stock has underperformed its sector today by 0.9% and has been on a consecutive downward trend for the last two days, resulting in a total drop of 2.05%. The stock has also touched an intraday low of Rs 234.05, indicating significant selling pressure. Over the past year, ONGC has generated a return of -30.69%, which is substantially worse than the broader market's decline of -1.55%. Despite a high dividend yield of 5.73% and a low debt-to-equity ratio of 0.39, the company has reported negative results for the last four consecutive quarters, with a notable drop in profits by 27.8%, contributing to the stock's recent poor performance.
In the broader market context, ONGC's short-term performance has lagged behind the benchmark, with a 1-week return of -1.39% compared to the Sensex's -1.06%. This underperformance is compounded by the company's negative earnings reports and a significant fall in key financial metrics, which have led to a lack of investor confidence. Although there has been a rise in investor participation, as evidenced by a 59.04% increase in delivery volume, the overall sentiment remains cautious due to the company's ongoing financial struggles. The stock's valuation is attractive compared to its peers, but the persistent negative results and substantial decline in profits have overshadowed these factors, leading to its current downward trajectory.