Why is SpiceJet falling/rising?

As of 24-Sep, SpiceJet Ltd's stock price is currently at Rs. 30.19, reflecting an increase of Rs. 0.79 or 2.69%. The stock has recently outperformed its sector by 3.43% today, marking a trend reversal after five consecutive days of decline. However, it has hit a new 52-week low of Rs. 28.67 today. Over the past week, the stock has decreased by 7.36%, and it has experienced significant declines of 15.29% over the past month and 54.29% over the past year. The company is facing challenges, including a negative book value and a high debt-to-equity ratio, which contribute to its weak long-term fundamentals. Additionally, the latest six-month performance shows a substantial decline in net sales and profit after tax, indicating ongoing financial struggles.
In the broader market context, while SpiceJet's recent performance has shown a slight uptick, it is important to note that the benchmark Sensex has only declined by 1.18% over the past week, suggesting that the stock's recovery is not reflective of a broader market trend. The stock's long-term performance remains concerning, with significant underperformance compared to the Sensex over various periods, including a 45.51% decline year-to-date. The proportion of pledged promoter shares has increased, which could exert additional downward pressure on the stock in a falling market. Overall, while there is a temporary rise in the stock price, the underlying financial issues and market conditions indicate a challenging environment for SpiceJet.