Why is SpiceJet falling/rising?

As of 18-Aug, SpiceJet Ltd is experiencing a decline in its stock price, currently at Rs 32.21, which reflects a decrease of Rs 0.62 or 1.89%. The stock has been underperforming, having fallen consecutively for the last two days, resulting in a total decline of 6.28%. Additionally, it is trading lower than its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages. The stock is also close to its 52-week low, just 2.98% away from Rs 31.25. Over the past month, SpiceJet has seen a significant drop of 17.01%, while its year-to-date performance shows a staggering decline of 41.86%. The company is facing challenges with a negative book value, poor long-term growth, and a high debt-to-equity ratio, which contribute to its weak long-term fundamental strength.
In the broader market context, SpiceJet's recent performance contrasts sharply with the benchmark Sensex, which has risen by 0.83% over the past week. The stock's underperformance is further highlighted by its returns over the last year, where it has declined by 42.06%, compared to the Sensex's modest gain of 1.04%. The high percentage of pledged promoter shares, which has increased by 1.81% over the last quarter, adds additional downward pressure on the stock in a falling market. Overall, the combination of poor financial metrics, declining investor participation, and negative market sentiment has led to SpiceJet's current price decline.