Why is Refex Industries falling/rising?

As of 17-Sep, Refex Industries Ltd is experiencing a decline in its stock price, currently at 356.70, reflecting a decrease of 0.6 points or 0.17%. The stock has shown a trend reversal, falling after two consecutive days of gains. In terms of performance, the stock has underperformed in the past month with a return of -0.10%, while the benchmark Sensex has increased by 2.60%. Additionally, the stock's delivery volume has decreased significantly by 27.56% compared to the 5-day average, indicating falling investor participation. Despite a strong ability to service debt and healthy long-term growth in net sales and operating profit, the company has faced challenges, including a decline in operating profit and negative results over the past quarters, which have contributed to the stock's recent downward movement.
Broader market context shows that Refex Industries has underperformed relative to the benchmark, with a year-to-date return of -26.06% compared to the Sensex's gain of 5.83%. This stark contrast highlights the stock's struggles, particularly as it has generated a return of -25.33% over the past year, significantly worse than the broader market's decline of -0.46%. The limited interest from domestic mutual funds, holding only 0.32% of the company, may suggest a lack of confidence in the stock's valuation or business prospects, further contributing to its negative performance in the market.