Why is SpiceJet falling/rising?

As of 17-Oct, SpiceJet Ltd's stock price is currently at 33.06, reflecting a decrease of 0.51, or 1.52%. The stock has been underperforming, having fallen for the last two days with a total decline of 2.59%. In the past week, it has experienced a significant drop of 5.43%, while its year-to-date performance shows a staggering decline of 40.32%. The company is facing serious challenges, including a negative book value and a weak long-term growth outlook, with net sales decreasing at an annual rate of 13.69%. Additionally, the stock has a high debt-to-equity ratio and has reported a substantial loss in profit after tax, which has fallen by 1590.2% compared to the previous four-quarter average. The proportion of pledged promoter shares has also increased, adding further downward pressure on the stock.
In the broader market context, SpiceJet's performance contrasts sharply with the Sensex, which has gained 1.76% over the past week and 7.44% year-to-date. The stock's recent decline is compounded by a significant drop in investor participation, with delivery volume falling by 62.13% against the five-day average, indicating reduced interest from investors. Furthermore, the stock's liquidity remains relatively low, which may hinder its ability to recover in the current market environment. Overall, the combination of poor financial performance, high debt levels, and declining investor confidence has contributed to the stock's downward trajectory.