Why is SpiceJet falling/rising?

As of 23-Sep, SpiceJet Ltd's stock price is currently at Rs. 29.40, reflecting a decrease of Rs. 1.99 or 6.34%. The stock has recently hit a new 52-week low and has been on a downward trend, losing 10.06% over the past week and 17.51% over the past month. Performance today indicates that the stock underperformed its sector by 5.95%, and it has been declining for five consecutive days. 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. Additionally, 43.99% of promoter shares are pledged, which adds further downward pressure in a falling market.
In the broader market context, SpiceJet's performance contrasts sharply with the benchmark Sensex, which has shown a slight increase of 0.98% over the past month. While the Sensex has gained 5.07% year-to-date, SpiceJet has plummeted by 46.93% in the same timeframe. This stark difference highlights the stock's underperformance not only in the short term but also over the long term, where it has generated a return of -58.17% over the past year compared to the Sensex's decline of only 3.33%. The combination of poor financial metrics, declining investor participation, and high levels of pledged shares contributes to the stock's ongoing decline.