Why is SpiceJet falling/rising?

As of 04-Sep, SpiceJet Ltd's stock price is currently at 35.01, reflecting a decrease of 0.79, or 2.21%. The stock has been underperforming, having fallen consecutively for the last two days, resulting in a total decline of 2.56% during this period. In terms of returns, the stock has experienced a significant downturn, with a year-to-date decline of 36.81% and a one-year drop of 43.71%. Although the company has shown some positive operating metrics, such as the highest operating profit to interest ratio at 1.27 times and a low debt-equity ratio of -2.17 times, these factors are overshadowed by its negative book value and weak long-term growth prospects, including a net sales decline of 15.41% annually over the last five years.
In the broader market context, SpiceJet's recent performance contrasts sharply with the benchmark Sensex, which has gained 3.30% year-to-date. The stock's performance today has underperformed its sector by 1.4%, indicating a lack of investor confidence. Additionally, the high percentage of pledged promoter shares, which stands at 43.99%, adds to the downward pressure on the stock price, particularly in a falling market. Overall, the combination of poor long-term growth, high debt levels, and negative EBITDA contributes to the stock's decline, making it a risky investment compared to its historical valuations.