Why is Relaxo Footwear falling/rising?

As of 09-Sep, Relaxo Footwears Ltd is currently priced at 494.60, reflecting an increase of 2.1 (0.43%). The stock has recently gained after three consecutive days of decline, although it underperformed its sector by 0.27% today. Despite this short-term uptick, the stock has shown a significant decline over the past year, with a return of -39.77%. The company has faced challenges, including negative results for the last five consecutive quarters and a poor long-term growth rate in operating profit. Additionally, the stock is trading at a premium compared to its peers, with a high Price to Book Value of 5.9, indicating a very expensive valuation. The falling participation from institutional investors, who have reduced their stake by 0.8%, further adds to the stock's struggles.
In the broader market context, Relaxo Footwear has outperformed the Sensex in the short term, with a 1-week return of +1.80% compared to the benchmark's +1.18%. However, the stock's long-term performance remains concerning, as it has underperformed the benchmark over the last three years and has generated a return of -20.39% year-to-date, while the Sensex has increased by 3.79%. This consistent underperformance, coupled with declining investor participation and negative financial indicators, suggests that while there may be short-term fluctuations, the overall outlook for Relaxo Footwear remains weak.