Why is Relaxo Footwear falling/rising?

As of 15-Sep, Relaxo Footwears Ltd is experiencing a decline in its stock price, currently at Rs 480.75, which reflects a decrease of Rs 9.4 or 1.92%. The stock has been underperforming, having lost 2.8% over the last four days, and today it touched an intraday low of Rs 479.95. In terms of returns, the stock has shown a negative performance of 2.39% over the past week and a significant decline of 22.62% year-to-date. The company has reported negative results for the last five consecutive quarters, with a low return on capital employed (ROCE) of 10.84% and a decrease in net sales, which further contributes to investor concerns. Additionally, institutional investors have reduced their stake in the company, indicating a lack of confidence in its future prospects.
In the broader market context, the stock's recent performance contrasts sharply with the benchmark, as the Sensex has gained 1.24% over the past week and 4.67% year-to-date. This consistent underperformance against the benchmark over the last three years, coupled with a poor long-term growth outlook and a high valuation compared to peers, has likely contributed to the stock's decline. While there has been a slight increase in delivery volume, suggesting some rising investor participation, the overall sentiment remains negative due to the company's financial struggles and declining institutional interest.