Why is SpiceJet falling/rising?

As of 01-Aug, SpiceJet Ltd is currently priced at 35.61, reflecting a decline of 0.94 or 2.57%. The stock has recently hit a new 52-week low of Rs.35.32 and has been on a downward trend, losing 5.72% over the past three days. In the last week, the stock has underperformed the sector by 0.49%, and its performance over the past month shows a significant drop of 10.64%. The company has a negative book value and a weak long-term fundamental strength, with net sales declining at an annual rate of 15.41% over the last five years. Additionally, 42.18% of promoter shares are pledged, which can exert further downward pressure on the stock price in a falling market.
In the broader market context, SpiceJet's recent performance contrasts sharply with the benchmark, as it has experienced a 6.95% decline over the past week while the Sensex has only fallen by 1.06%. The airline sector as a whole has also seen a decline of 2.04%. Despite a rise in investor participation, indicated by a 43.34% increase in delivery volume, the overall sentiment remains negative due to the company's high debt levels and poor long-term growth prospects. The stock's performance over the past year shows a staggering decline of 35.41%, further emphasizing its underperformance compared to the broader market trends.