Why is Saregama India falling/rising?

As of 01-Sep, Saregama India Ltd is experiencing a slight decline in its stock price, currently at 483.55, reflecting a decrease of 0.05 (-0.01%). The stock has underperformed its sector today by 0.57% and has shown a trend reversal after two consecutive days of gains. Its performance over the past week is down by 0.61%, while it has seen a modest increase of 2.15% over the past month. However, the stock has generated a negative return of 6.14% over the past year. Despite a low debt-to-equity ratio and high institutional holdings, which increased by 0.82% in the previous quarter, the company reported flat results in its latest quarterly earnings, with net sales and profit after tax falling significantly compared to previous averages. This has contributed to its expensive valuation relative to peers, as indicated by a high price-to-book value ratio.
In the broader market context, Saregama India's short-term performance has been better than the benchmark Sensex, which has declined by 1.56% over the past week. However, the stock's longer-term performance has been consistently weaker, underperforming the BSE500 over the last three years. The recent decline in investor participation, as evidenced by a 7.95% drop in delivery volume, further indicates a lack of confidence among investors. Overall, while the stock has shown some positive trends in the short term, the combination of disappointing earnings results and a high valuation compared to its peers has led to its current downward movement.