Why is Relaxo Footwear falling/rising?

As of 22-Sep, Relaxo Footwears Ltd is experiencing a decline in its stock price, currently at 465.35, which reflects a decrease of 4.8 points or 1.02%. The stock has been on a downward trend, having fallen for the last three consecutive days with a total decline of 6.85% during this period. In terms of performance against benchmarks, the stock has underperformed significantly, with a year-to-date return of -25.10% compared to the Sensex's gain of 5.15%. Additionally, 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 perception as a strong sell.
In the broader market context, the stock's recent performance is notably poor when compared to the Sensex, which has shown a slight increase of 0.46% over the past week. While there has been a rise in investor participation, as indicated by a significant increase in delivery volume, the overall sentiment remains negative due to the company's consistent underperformance against the benchmark over the last three years. Institutional investors have also reduced their stakes, indicating a lack of confidence in the stock's future prospects. This combination of factors, including poor long-term growth and high valuation relative to peers, has led to a continued decline in the stock price.