Why is Sadhana Nitro falling/rising?

As of 24-Jun, Sadhana Nitro Chem Ltd is experiencing a decline in its stock price, currently at Rs. 11.09, which reflects a decrease of Rs. 0.58 or 4.97%. The stock has hit a new 52-week low today and has been on a downward trend, losing value for the last 16 consecutive days, resulting in a total decline of 47.19% during this period. Additionally, the stock has significantly underperformed against its sector by 5.37%. Over the past week, the stock has dropped 22.45%, and its year-to-date performance shows a staggering decline of 72.51%. The stock is currently trading below all its moving averages, indicating a bearish trend. Although there has been a rise in investor participation with a 10.18% increase in delivery volume, the overall sentiment remains negative.
In the broader market context, the Sensex has shown a slight increase of 0.58% over the past week, contrasting sharply with Sadhana Nitro's significant decline. This disparity highlights the stock's underperformance relative to the benchmark index, which has gained 5.01% year-to-date compared to Sadhana Nitro's drastic drop. The stark difference in performance suggests that investor sentiment towards Sadhana Nitro is weak, despite some liquidity in trading, as evidenced by its delivery volume. Overall, the combination of prolonged losses, underperformance against sector benchmarks, and the stock hitting a new low contributes to the ongoing decline in Sadhana Nitro's stock price.