Why is SpiceJet falling/rising?

As of 19-Sep, SpiceJet Ltd's stock price is currently at Rs 31.84, reflecting a decrease of Rs 0.04 or 0.13%. The stock has been underperforming, with a consecutive decline over the last three days resulting in a total drop of 2.6%. It is also trading close to its 52-week low, just 1.85% above Rs 31.25. The stock has shown significant underperformance in the past year, with a return of -53.44%, and has consistently lagged behind the benchmark indices, including a -4.61% return over the past week compared to a +0.88% gain in the Sensex. Key negative factors contributing to this decline include a negative book value, poor long-term growth, high debt levels, and a significant proportion of promoter shares being pledged, which adds downward pressure in a falling market.
In the broader market context, while the Sensex has gained 0.88% over the past week, SpiceJet's performance has been notably weak, with a decline of 4.61% during the same period. This stark contrast highlights the challenges faced by the company, including a high debt-to-equity ratio and declining sales and profits. The stock's liquidity appears adequate for trading, but the overall sentiment remains negative due to its weak fundamentals and the risk associated with its pledged shares. As a result, the stock's price is experiencing downward pressure amidst a generally stable market environment.