Why is Relaxo Footwear falling/rising?

As of 07-Aug, Relaxo Footwears Ltd is experiencing a price increase, currently at 450.25, which reflects a rise of 12.75 or 2.91%. The stock has shown a positive trend today, outperforming its sector by 2.59% and achieving a consecutive gain over the last two days with a total return of 3.27%. Despite this short-term gain, the stock has faced significant challenges, with a one-month decline of 11.09% and a year-to-date drop of 27.53%. The company has reported negative results for the last five consecutive quarters, with a low return on capital employed (ROCE) and declining net sales, which contribute to its poor long-term growth outlook. Additionally, the stock is trading at a premium compared to its peers, indicating a very expensive valuation.
In the broader market context, the stock's recent performance contrasts with the benchmark, as it has underperformed the Sensex over the past week, month, and year, with respective declines of 0.86% and 11.09% compared to the Sensex's losses of 0.69% and 3.38%. The falling participation from institutional investors, who have reduced their stake, further highlights the lack of confidence in the stock's fundamentals. While the stock has gained in the short term, the overall trend remains concerning due to its consistent underperformance against the benchmark and the broader market conditions.