Why is Permanent Magnet falling/rising?

As of 17-Jul, Permanent Magnets Ltd is experiencing a decline in its stock price, currently at Rs 885.55, which reflects a decrease of Rs 4.45 or 0.5%. The stock has underperformed its sector by 0.94% today and has been on a consecutive downward trend for the last two days, resulting in a total decline of 1.26% during this period. Over the past week, the stock has dropped by 4.99%, and year-to-date, it has seen a significant decline of 8.32%. Additionally, the company's recent financial performance has been troubling, with a reported PAT decline of 42.99% and net sales at their lowest for the quarter. The stock's high Price to Book Value ratio suggests it is trading at a premium compared to its peers, contributing to investor hesitation.
Broader market context indicates that while the BSE500 has generated a return of 0.26% over the past year, Permanent Magnets Ltd has significantly underperformed with a return of -17.39%. This stark contrast highlights the stock's struggles in attracting investor confidence, as evidenced by the negligible domestic mutual fund holdings, which may reflect a lack of comfort with the stock's valuation and business outlook. The broader market's relatively stable performance juxtaposed with the company's poor long-term growth prospects and declining profitability further exacerbates the stock's negative momentum.