Why is Relaxo Footwear falling/rising?

As of 31-Jul, Relaxo Footwears Ltd is experiencing a decline in its stock price, currently at 454.15, which reflects a decrease of 28.85 points or 5.97%. The stock has underperformed its sector by 3.6% today and has been on a downward trend for the last two days, accumulating a total loss of 7.13%. It opened with a gap down of 2.64% and reached an intraday low of Rs 440, indicating significant selling pressure. Over the past week, the stock has dropped by 9.06%, while its performance over the last year shows a staggering decline of 47.71%. The company's recent financial results have been poor, with negative outcomes for the last five consecutive quarters, and a low return on capital employed (ROCE) of 10.84%. Additionally, the stock is trading at a premium compared to its peers, with a high price-to-book value of 5.4, further contributing to its negative sentiment among investors.
In the broader market context, the Sensex has only fallen by 1.22% over the past week, indicating that Relaxo Footwears Ltd's decline is more pronounced than the overall market trend. The consumer durables sector, to which the company belongs, has also seen a decrease of 2.54%, reflecting a challenging environment for companies in this space. Institutional investors have reduced their stake in Relaxo by 0.8%, suggesting a lack of confidence in the company's future growth prospects. This consistent underperformance against the benchmark over the last three years, coupled with falling participation from institutional investors, reinforces the negative outlook for the stock.