Why is SKF India falling/rising?

As of 15-Oct, SKF India Ltd. is experiencing a significant decline in its stock price, currently at Rs. 2,276.10, which reflects a decrease of Rs. 2,734.65 or 54.58%. The stock has hit a new 52-week low today and has underperformed its sector by 42.87%. It opened with a substantial loss of 52.19% and reached an intraday low of Rs. 2,276.10. The stock has shown high volatility with an intraday fluctuation of 5.5%. Over the past week, SKF India has seen a return of -53.23%, and its performance over the past year has been particularly poor, with a decline of 58.10%. Despite these challenges, the company maintains a high management efficiency with a return on equity (ROE) of 21.42% and a low debt-to-equity ratio, which suggests some underlying strength.
In the broader market context, SKF India's performance contrasts sharply with the Sensex, which has gained 1.02% over the past week. The bearings sector, in which SKF operates, has also declined by 11.62%, indicating sector-wide challenges. Although the stock is trading at a discount compared to its peers' average historical valuations, the significant drop in stock price and returns suggests that investor sentiment is currently negative. However, the rising delivery volume indicates increased investor participation, which could signal potential interest despite the current downturn. Overall, while SKF India has some positive attributes, the recent price movement reflects a combination of high volatility, poor sector performance, and substantial losses compared to the benchmark.