Why is Saregama India falling/rising?

As of 13-Nov, Saregama India Ltd's stock price is currently at Rs 396.25, reflecting a decline of Rs 11.5 or 2.82%. The stock has recently hit a new 52-week low of Rs 395.3 and has been on a downward trend, losing 5.47% over the last three days. It has underperformed its sector by 0.81% today and is trading below all key moving averages, indicating weak momentum. The company's recent financial results have shown a significant drop in net sales and profits compared to previous quarters, contributing to a negative sentiment around the stock. Additionally, while the company has a low debt-to-equity ratio and high institutional holdings, the expensive valuation and poor performance relative to peers have raised concerns among investors.
In the broader market context, Saregama India has underperformed the benchmark Sensex, which has gained 1.40% over the past week while the stock has dropped 7.22%. Over the past month, the stock has decreased by 13.86%, contrasting sharply with the Sensex's increase of 2.61%. This trend of underperformance extends to the year-to-date and one-year returns, where Saregama India has seen declines of 14.52% and 17.09%, respectively, while the broader market has shown positive growth. The overall negative performance in both short-term and long-term metrics, combined with the recent flat quarterly results, suggests that investor confidence is waning, leading to the stock's current decline.