Why is Raymond falling/rising?

As of 17-Nov, Raymond Ltd's stock price is currently at 515.00, reflecting a decrease of 7.25, or 1.39%. The stock has been underperforming significantly, with a consecutive decline over the last nine days, resulting in a total drop of 10.49%. In terms of returns, the stock has seen a 6.75% decline over the past week and a 10.76% decrease over the past month, while it has generated a negative return of 3.77% over the last year. Despite having a high return on equity (ROE) of 34.53% and an attractive valuation with a price-to-book ratio of 0.9, the company has faced challenges, including a 23.8% decline in profits over the past year and negative results for the last three consecutive quarters. Additionally, institutional investors have reduced their stakes, indicating a lack of confidence in the stock's future performance.
Broader market context shows that while the Sensex has gained 1.69% over the past week, Raymond's performance has been notably poor in comparison. The stock has underperformed the benchmark indices over various time frames, including a 13.61% decline year-to-date against an 8.72% gain for the Sensex. This stark contrast highlights the broader market's positive momentum, which Raymond has failed to capitalize on, further exacerbating investor concerns regarding its long-term growth prospects and overall market position.