Why is SpiceJet falling/rising?

As of 24-Oct, SpiceJet Ltd's stock price is currently at 38.19, reflecting an increase of 4.19 or 12.32%. The stock has shown strong performance recently, with a consecutive gain over the last two days resulting in a total return of 15.27%. Additionally, it has outperformed its sector by 12.16% today. Despite this positive short-term movement, the company faces significant challenges, including a negative book value and a high debt-to-equity ratio, which contribute to its weak long-term fundamental strength. The recent quarterly results indicate a substantial decline in profit after tax and net sales, further complicating the stock's outlook. Furthermore, 43.99% of promoter shares are pledged, which could exert additional downward pressure in a falling market.
In the broader market context, SpiceJet's short-term return of 15.52% over the past week significantly outpaces the Sensex's modest gain of 0.31%. However, the stock's year-to-date performance remains concerning, with a decline of 31.06% compared to the Sensex's increase of 7.77%. This stark contrast highlights the stock's volatility and the risks associated with its current trading environment. While the recent price increase may attract investor interest, the underlying financial issues and long-term performance challenges suggest caution for potential investors.