Why is SpiceJet falling/rising?

As of 17-Sep, SpiceJet Ltd's stock price is currently at 32.59, reflecting a decrease of 0.1 or 0.31%. The stock has underperformed significantly, with returns of -1.42% over the past week and -0.73% over the past month, while the benchmark Sensex has increased by 1.56% and 2.60%, respectively. Additionally, the stock is trading below all its moving averages, indicating a bearish trend. The company is close to its 52-week low, just 4.11% away from Rs 31.25. The negative factors impacting the stock include a negative book value, high debt levels, and poor long-term growth metrics, with net sales declining at an annual rate of -13.69%. Furthermore, the stock's profitability has also suffered, with a significant drop in PAT and net sales over the last six months, contributing to its classification as a strong sell.
In the broader market context, SpiceJet's performance has been notably poor compared to the Sensex, which has shown resilience with a year-to-date return of +5.83%, while SpiceJet has plummeted by -41.17%. The company has also experienced a decline in investor participation, with delivery volumes dropping significantly, indicating a lack of confidence among investors. The high percentage of pledged promoter shares further exacerbates the stock's vulnerability in a declining market, adding downward pressure on its price. Overall, the combination of weak fundamentals, poor recent performance, and unfavorable market conditions has led to the stock's continued decline.