Why is Relaxo Footwear falling/rising?

As of 18-Sep, Relaxo Footwears Ltd is experiencing a decline in its stock price, currently at 497.25, which reflects a decrease of 2.3 or 0.46%. Despite outperforming its sector by 0.38% today, the stock has fallen after two consecutive days of gains. It is noteworthy that Relaxo Footwear is trading above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages. However, the company has reported negative results for the last five consecutive quarters, with a significant decline in operating profit and net sales, contributing to a poor long-term growth outlook. Additionally, institutional investors have reduced their stake, indicating a lack of confidence in the stock's performance.
In the broader market context, Relaxo Footwear's short-term return of 0.64% over the past week is notably lower than the Sensex's gain of 1.80%. The stock has underperformed against the benchmark over the last three years, with a staggering decline of 39.29% in the past year, while the Sensex has shown a modest increase of 6.24%. This consistent underperformance, coupled with a high price-to-book value ratio and falling participation from institutional investors, suggests that market sentiment remains cautious regarding Relaxo Footwear's future prospects.