Why is SpiceJet falling/rising?

As of 15-Sep, SpiceJet Ltd's stock price is currently at Rs 32.44, reflecting a decline of Rs 0.94 or 2.82%. The stock has been underperforming, having fallen consecutively for the last two days, resulting in a total decline of 3.57%. Additionally, it is trading below all key moving averages, indicating a bearish trend. Over the past year, the stock has generated a staggering return of -54.73%, significantly underperforming the benchmark Sensex, which has seen a slight decline of 1.33%. The company's financial health is concerning, with a negative book value, high debt levels, and a significant drop in net sales and profit after tax, which have fallen sharply compared to previous quarters.
In the broader market context, SpiceJet's recent performance contrasts sharply with the benchmark, as it has experienced a 3.02% decline over the past week while the Sensex has gained 1.24%. The stock's liquidity appears adequate, but the high percentage of pledged promoter shares (43.99%) adds to the risk, particularly in a declining market. The company's weak long-term fundamentals, characterized by poor growth and negative EBITDA, further contribute to the downward pressure on its stock price. Overall, the combination of negative financial indicators and poor market performance has led to a significant decline in SpiceJet's stock value.