Why is Saregama India falling/rising?

As of 26-Aug, Saregama India Ltd is experiencing a decline in its stock price, currently at Rs 479.30, which reflects a decrease of Rs 7.2 or 1.48%. The stock has been losing value for the last two days, with a total drop of 2.18% during this period. It has also touched an intraday low of Rs 472.1, indicating significant downward pressure. The stock is trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, suggesting a bearish trend. Additionally, there has been a notable decline in investor participation, with delivery volume falling by 18.45% compared to the 5-day average. Despite having a low debt-to-equity ratio and high institutional holdings, the company reported flat results for the quarter ending June 25, with net sales and profit after tax falling significantly compared to previous quarters, contributing to the stock's negative sentiment.
In the broader market context, Saregama India's short-term performance has been relatively stable compared to the benchmark, with a 1-week return of -0.77% against the Sensex's -1.05% and a 1-month return of -0.78% versus -0.83% for the benchmark. However, the stock has underperformed the benchmark over the past year, generating a return of -6.61% compared to the Sensex's -1.12%. This consistent underperformance, coupled with an expensive valuation indicated by a high price-to-book value and a PEG ratio of 9.5, raises concerns among investors. The combination of declining sales, falling profits, and a lack of positive momentum in the stock price suggests a challenging environment for Saregama India Ltd, influencing its current downward trajectory.