Why is Visa Steel falling/rising?

As of 11-Jul, Visa Steel Ltd's stock price is currently at 35.80, reflecting an increase of 0.66, or 1.88%. The stock has shown a trend reversal by gaining after two consecutive days of decline. It has outperformed its sector by 2.54% today, and the delivery volume has risen significantly, indicating increased investor participation. Over the past year, the stock has generated a return of 34.64%, which is substantially higher than the market's return of 0.52%. However, the company faces challenges, including a negative book value and high debt levels, which contribute to its classification as a risky investment despite recent price gains.
In the broader market context, Visa Steel's short-term performance has been relatively strong, with a 1-month return of 21.36%, contrasting with the Sensex's flat return of -0.02% during the same period. While the stock has outperformed the benchmark in the short term, it has underperformed over the past week with a decline of 5.79% compared to the Sensex's drop of only 1.12%. The high percentage of pledged promoter shares adds to the stock's volatility, particularly in a declining market, which could exert additional downward pressure on its price despite its recent upward movement.