Why is Visa Steel falling/rising?

As of 10-Jul, Visa Steel Ltd's stock price is currently at Rs 35.14, reflecting a decline of 1.84, or 4.98%. The stock has been underperforming recently, having fallen consecutively for two days, resulting in a total drop of 7.7% during this period. Today's performance indicates a significant gap down at the open, with a loss of 4%. Additionally, the stock's delivery volume has drastically decreased, indicating falling investor participation. Despite a strong annual return of 32.15%, the company's negative book value and high debt levels raise concerns about its long-term fundamental strength, contributing to the recent price decline.
In the broader market context, Visa Steel's short-term performance has been notably weaker than the benchmark, with a 1-week return of -6.74% compared to the Sensex's slight decline of only 0.06%. While the stock has shown impressive returns over longer periods, such as 146.60% over three years, the current negative operating profits and the high percentage of pledged promoter shares add to the stock's risk profile, further pressuring its price in the current market environment.