Why is Tejas Networks falling/rising?

As of 30-Jul, Tejas Networks Ltd is experiencing a decline in its stock price, currently at Rs 588.40, which reflects a decrease of Rs 3.9 or 0.66%. The stock is trading lower than its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a bearish trend. Over the past week, the stock has fallen by 4.40%, and it is also close to its 52-week low, being only 3.7% away from Rs 566.6. The company has reported a significant drop in net sales by 87.08% and a substantial loss in profit after tax, which has contributed to the negative sentiment surrounding the stock. Additionally, institutional investors have reduced their stake, indicating a lack of confidence among larger investors.
In the broader market context, Tejas Networks has underperformed compared to the benchmark Sensex, which has only declined by 1.50% over the past week. The IT - Hardware sector has also seen a downturn, falling by 4.4%. Despite the company's long-term growth potential, as evidenced by a healthy annual growth rate in net sales and operating profit, the recent financial results have overshadowed these positives. The stock's year-to-date performance shows a staggering decline of 50.31%, contrasting sharply with the Sensex's gain of 4.28%. This combination of poor financial results, declining investor participation, and underperformance relative to the market has led to the current downward pressure on Tejas Networks' stock price.