Why is Saregama India falling/rising?

As of 09-Oct, Saregama India Ltd is currently priced at 452.45, reflecting a decline of 7.6 points or 1.65%. The stock has been underperforming, having fallen consecutively for the last two days with a total drop of 4.2%. It is trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a bearish trend. Additionally, the delivery volume has decreased by 27.9% compared to the 5-day average, suggesting a decline in investor participation. The company has reported flat results for the quarter ending June 25, with significant drops in net sales and profit after tax compared to previous quarters, contributing to its negative performance. Despite having a low debt-to-equity ratio and high institutional holdings, the stock's expensive valuation and poor returns over the past year have raised concerns among investors.
In the broader market context, Saregama India has underperformed against the benchmark Sensex, which has gained 1.47% over the past week while the stock has declined by 4.34%. The stock's year-to-date performance shows a decrease of 2.39%, contrasting with the Sensex's increase of 5.16%. Over the past year, Saregama has experienced a significant drop of 27.35%, while the Sensex has only slightly increased by 0.87%. This underperformance in both short-term and long-term metrics highlights the challenges the company faces in regaining investor confidence amidst a backdrop of overall market gains.