Why is SpiceJet falling/rising?

As of 28-Jul, SpiceJet Ltd's stock is currently priced at 37.38, reflecting a decline of 0.89, or 2.33%. The stock has recently hit a new 52-week low of Rs. 37.25 and has been on a downward trend, losing 7.22% over the past three days. It is trading below all key moving averages, indicating a bearish sentiment. The stock has underperformed its sector by 1.58% today and has shown significant negative returns over various periods, including a 32.53% decline year-to-date and a 35.13% drop over the past year. Additionally, the company has a negative book value and a weak long-term fundamental strength, with net sales decreasing at an annual rate of 15.41% over the last five years, contributing to the stock's poor performance.
In the broader market context, SpiceJet's recent performance contrasts with the benchmark, as it has underperformed the Sensex, which has seen a decline of only 1.59% over the past week. The stock's high debt levels, with a debt-to-equity ratio of -2.17 times, and the fact that 42.18% of promoter shares are pledged, add to the downward pressure on its price, particularly in a falling market. The company's liquidity remains adequate for trading, but the overall sentiment is negative due to falling investor participation and a risky trading environment compared to historical valuations.