Why is Tata Elxsi falling/rising?

As of 11-Jul, Tata Elxsi Ltd. is experiencing a decline in its stock price, currently at 6,067.30, which reflects a decrease of 68.7 points or 1.12%. The stock has been on a downward trend, losing value for the last six consecutive days and showing a total decline of 2.45% during this period. Today, it opened with a significant loss of 6.7%, reaching an intraday low of Rs 5,679, which is a 7.45% drop. The stock's performance over the past week shows a decline of 2.20%, and over the past month, it has decreased by 8.66%. Despite its strong long-term fundamentals, including an average return on equity (ROE) of 34.48% and low debt-to-equity ratio, the recent negative quarterly results, including a 21.6% fall in profit after tax and the lowest net sales recorded, have contributed to the stock's poor performance.
In the broader market context, Tata Elxsi's recent performance has underperformed compared to the benchmark Sensex, which has seen a slight decline of 1.12% over the same week. The IT - Software sector, in which Tata Elxsi operates, has also faced challenges, falling by 2.17%. The stock's consistent underperformance against the benchmark over the last three years, coupled with a very expensive valuation reflected in its 13.2 price-to-book value ratio, has raised concerns among investors. Additionally, falling investor participation, as indicated by a decrease in delivery volume, suggests a lack of confidence in the stock, further exacerbating its decline.