Why is Relaxo Footwear falling/rising?

As of 23-Sep, Relaxo Footwears Ltd is experiencing a decline in its stock price, currently at 457.45, reflecting a decrease of 7.9 points or 1.7%. The stock has been underperforming, having fallen consecutively for the last four days, resulting in a total decline of 8.43% during this period. Additionally, the stock's performance over the past week shows a decrease of 6.45%, while its year-to-date performance is down by 26.37%. The company has reported negative results for the last five consecutive quarters, with key financial metrics such as operating profit and net sales at their lowest levels. Furthermore, the stock is trading at a premium compared to its peers, with a high Price to Book Value ratio, indicating a very expensive valuation. The falling participation from institutional investors, who have reduced their stake, adds to the negative sentiment surrounding the stock.
In the broader market context, the Sensex has shown a slight increase of 0.98% over the past month, contrasting with Relaxo's decline of 4.17% in the same period. This consistent underperformance against the benchmark is evident over the last three years, where the stock has generated returns of -56.20% compared to the Sensex's positive performance. The stock's liquidity remains adequate for trading, but the declining delivery volume suggests waning investor interest, further contributing to the downward pressure on the stock price. Overall, the combination of poor financial performance, high valuation, and reduced institutional interest has led to a negative outlook for Relaxo Footwears Ltd.