Why is Tejas Networks falling/rising?

As of 31-Jul, Tejas Networks Ltd's stock price is currently at Rs 581.55, reflecting a decrease of Rs 6.85 or 1.16%. The stock has been experiencing a downward trend, having fallen consecutively for the last two days, resulting in a total decline of 1.81% during this period. It is also trading lower than its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages. Notably, the stock is close to its 52-week low, just 2.57% away from Rs 566.6. In terms of performance, Tejas Networks has underperformed significantly over the past month and year, with returns of -17.94% and -53.13%, respectively. The company's recent financial results have been concerning, with a drastic fall in net sales and a significant loss reported, which has contributed to negative sentiment among investors.
In the broader market context, Tejas Networks' short-term performance has been worse than the benchmark Sensex, which has only declined by 1.22% over the past week. The IT-Hardware sector, in which Tejas operates, has also seen a decline of 3.83%, indicating a challenging environment for the industry as a whole. Additionally, there has been a notable decrease in institutional investor participation, which may further exacerbate the stock's downward pressure. While the company has shown healthy long-term growth in net sales and operating profit, the recent negative results and falling investor confidence have overshadowed these positives, leading to a bearish outlook for the stock.