Why is Shalimar Paints falling/rising?

As of 28-Jul, Shalimar Paints Ltd. is experiencing a decline in its stock price, currently at Rs. 83.42, which reflects a decrease of Rs. 1.19 or 1.41%. The stock has hit a new 52-week low of Rs. 82.91 today and has been on a downward trend, losing 15.32% over the past eight days. Despite opening with a gain of 3.4% and reaching an intraday high of Rs. 87.49, the stock's performance has been poor, underperforming its sector by 2.51%. Over the past year, the stock has generated a return of -41.85%, significantly lagging behind the benchmark, which has shown a slight decline of 0.54% during the same period. The company's weak long-term fundamentals, characterized by operating losses and a negative EBITDA, contribute to its current struggles, as does the lack of confidence from domestic mutual funds, which hold no stake in the company.
In the broader market context, Shalimar Paints has consistently underperformed against the benchmark over the last three years, with a staggering decline of 50.49% compared to a 42.27% gain in the benchmark index. The stock's recent performance is further exacerbated by poor financial metrics, including a debt-equity ratio at its highest and a low debtors turnover ratio, indicating financial instability. While there has been a notable increase in investor participation, with delivery volume rising significantly, the overall sentiment remains negative due to the company's inability to generate sustainable profits and service its debt effectively. This combination of factors has led to a lack of investor confidence and a continued decline in the stock price.