Why is Protean eGov falling/rising?

As of 09-Jul, Protean eGov Technologies Ltd is experiencing a decline in its stock price, currently at Rs. 816.10, which represents a decrease of Rs. 7.4 or 0.9%. The stock has hit a new 52-week low of Rs. 812.3 today and has been on a downward trend, losing 3.43% over the last three days. Over the past week, the stock has fallen by 4.38%, and it has significantly underperformed the benchmark Sensex, which has gained 0.15%. The company's operating profit has been declining at an annual rate of 14.79% over the last five years, and recent quarterly results show a substantial drop in profit before tax and profit after tax compared to previous averages. Additionally, the stock is trading below all key moving averages, and there has been a notable decrease in investor participation, with delivery volume down by 33.07% against the five-day average.
In the broader market context, while the Sensex has shown a modest increase of 1.32% over the past month, Protean eGov has seen a much steeper decline of 14.24% during the same period. This stark contrast highlights the stock's poor performance relative to the market. The company's high institutional holdings at 38.7% suggest that more sophisticated investors are aware of the company's challenges, which may contribute to the stock's negative sentiment. Furthermore, with a return on equity of 8.8 and a high price-to-book value of 3.5, the stock appears overvalued, exacerbating concerns about its long-term growth potential. Overall, the combination of poor financial performance, declining investor interest, and underperformance relative to the benchmark indicates a challenging environment for Protean eGov Technologies Ltd.