Why is SpiceJet falling/rising?

As of 06-Nov, SpiceJet Ltd's stock price is currently at Rs 35.63, reflecting a decline of Rs 1.19 or 3.23%. The stock has been underperforming, having lost 5.42% over the last three days and is currently trading below its day's low of Rs 35.5. In terms of returns, the stock has seen a significant drop of 43.07% over the past year, while it has gained 20.86% in the last month. The company's financial health is concerning, with a negative book value and a high debt-to-equity ratio, which contributes to its weak long-term growth prospects. Additionally, the recent quarterly performance shows a drastic fall in profit after tax and net sales, further indicating the company's struggles.
In the broader market context, the Sensex has only declined by 1.30% over the past week, highlighting SpiceJet's significant underperformance relative to the benchmark. While the stock has shown some recovery in the last month, the overall trend remains negative, particularly when compared to the market's positive returns of 1.73% over the past year. The high proportion of pledged promoter shares adds to the stock's volatility, especially in a declining market, which may further pressure its price. Overall, the combination of poor financial metrics and underperformance against the broader market suggests that investor sentiment remains bearish on SpiceJet.