Why is Protean eGov falling/rising?

As of 08-Jul, Protean eGov Technologies Ltd is experiencing a decline in its stock price, currently at Rs. 823.50, which reflects a decrease of Rs. 5.2 or 0.63%. The stock has recently hit a new 52-week low of Rs. 820.45 and has been underperforming, with a consecutive fall over the last two days resulting in a total decline of 2.56%. Over the past week, the stock has decreased by 5.52%, and its year-to-date performance shows a significant drop of 57.45%. The company's operating profit has been declining at an annual rate of 14.79% over the last five years, and recent quarterly results indicate a fall in profit before tax and profit after tax compared to previous averages. Additionally, the stock's valuation appears expensive with a price-to-book ratio of 3.5, which may deter potential investors.
In the broader market context, while the Sensex has shown a slight increase of 0.02% over the past week, Protean eGov's performance has been notably poor, indicating a significant underperformance relative to the benchmark. The stock's returns have lagged behind the broader market, with a decline of 44.13% over the past year compared to a 4.69% increase in the Sensex. Despite having high institutional holdings at 38.7%, which suggests some level of confidence from knowledgeable investors, the overall sentiment remains negative due to the company's poor long-term growth prospects and recent financial results.