Why is Saregama India falling/rising?

As of 01-Aug, Saregama India Ltd's stock price is currently at 475.15, reflecting a decrease of 5.85 or 1.22%. The stock has underperformed in the short term, with a 1-week return of -1.64% and a 1-month return of -3.89%. Today's performance indicates that it outperformed its sector by 1.27%, reaching an intraday high of Rs 490.95. However, it is trading below all key moving averages, indicating a bearish trend. The company's financial results have shown a significant decline, with net sales falling by 29.4% compared to the previous quarter average, and a drop in profit after tax by 26.9%. Despite having a low debt-to-equity ratio and high institutional holdings, the stock's expensive valuation and consistent underperformance against benchmarks have contributed to its recent decline.
In the broader market context, Saregama India's short-term performance contrasts with the benchmark, as the Sensex has only declined by 1.06% over the same week. While the stock has shown a year-to-date gain of 2.50%, it has significantly lagged behind the Sensex's 3.15% increase. The lifestyle sector, in which Saregama operates, has also seen a decline of 2.61%, reflecting a challenging environment. The rising investor participation, indicated by a 78.97% increase in delivery volume, suggests some interest in the stock despite its recent struggles. Overall, the combination of disappointing financial results, high valuation concerns, and sector-wide challenges has led to the stock's downward movement.