Why is Visagar Polytex falling/rising?

As of 10-Oct, Visagar Polytex Ltd's stock price is currently at 0.77, reflecting a decrease of 0.01 or 1.28%. The stock has been underperforming, having fallen consecutively for the last three days, resulting in a total decline of 3.75% during this period. It is trading below all its moving averages, indicating a bearish trend. Additionally, the stock has shown a significant decline in investor participation, with delivery volume dropping by 60.05% compared to the five-day average. Despite a very attractive valuation indicated by a high return on equity (ROE) of 1560 and a low price-to-book value, the company faces challenges such as a negative book value and poor long-term growth, with net sales declining at an annual rate of 100%. These factors contribute to the stock's recent downward movement.
In the broader market context, Visagar Polytex's performance has been notably weaker than the benchmark Sensex, which has gained 1.59% over the past week while the stock has declined by 4.94%. This underperformance is further emphasized by the stock's year-to-date decline of 25.96% compared to the Sensex's increase of 5.58%. The high percentage of pledged promoter shares, at 83.69%, adds to the downward pressure in a falling market, indicating a lack of confidence among investors. Overall, the combination of poor financial fundamentals and negative market sentiment has led to the stock's continued decline.