Why is SpiceJet falling/rising?

As of 18-Sep, SpiceJet Ltd's stock price is currently at 31.88, reflecting a decrease of 0.71, or 2.18%. The stock has been underperforming, with a consecutive fall over the last two days resulting in a total decline of 2.48%. It is trading close to its 52-week low, just 1.98% away from the low of Rs 31.25. The stock has shown poor performance over various time frames, with a year-to-date decline of 42.45% and a staggering 53.86% drop over the past year. The company's financial health is concerning, as it has a negative book value and a high debt-to-equity ratio, which contributes to its weak long-term fundamentals. Additionally, the recent quarterly results show a significant drop in profit after tax and net sales, further indicating financial distress.
In the broader market context, SpiceJet's performance contrasts sharply with the benchmark Sensex, which has gained 6.24% year-to-date. Over the past week, while SpiceJet has declined by 5.23%, the Sensex has increased by 1.80%. This underperformance is exacerbated by falling investor participation, with delivery volumes decreasing significantly. The proportion of pledged promoter shares has also increased, adding downward pressure on the stock price in a declining market. Overall, the combination of weak financial metrics, poor recent performance, and unfavorable market conditions has led to the stock's continued decline.