Why is SpiceJet falling/rising?

As of 10-Oct, SpiceJet Ltd's stock price is currently at 34.96, reflecting an increase of 1.87 or 5.65%. The stock has shown strong performance recently, gaining 22.45% over the last two days and outperforming its sector by 5.32% today. It reached an intraday high of Rs 35.97, although it also experienced a low of Rs 32.11 during the day. Despite this positive movement, the stock has a negative long-term outlook, characterized by a weak fundamental strength due to a negative book value, declining net sales, and a high debt-to-equity ratio. Additionally, the company's recent quarterly performance has been poor, with a significant drop in profit after tax and a low inventory turnover ratio, contributing to its perception as a risky investment.
In the broader market context, SpiceJet's short-term return of 16.38% over the past week significantly outpaces the Sensex's return of 1.59%. However, the stock's long-term performance remains concerning, with a year-to-date decline of 36.90% compared to the Sensex's increase of 5.58%. This stark contrast highlights the stock's volatility and the challenges it faces, particularly with 43.99% of promoter shares pledged, which can exert additional downward pressure in adverse market conditions. Overall, while the recent price increase may attract short-term interest, the underlying financial issues and long-term performance concerns suggest caution for potential investors.