Why is VL E-Governance falling/rising?

As of 26-Jun, VL E-Governance & IT Solutions Ltd is experiencing a decline in its stock price, currently at Rs 44.88, which reflects a decrease of Rs 2.24 or 4.75%. The stock has been underperforming significantly, with a consecutive fall over the last three days, resulting in a total drop of 13.46%. Additionally, the stock has shown poor performance over various time frames, including a 1-week decline of 14.58% and a year-to-date drop of 75.54%. The company's financial health is concerning, as it has reported operating losses, a negative EBITDA, and a weak ability to service its debt, which has contributed to its weak long-term fundamental strength. Institutional investors have also reduced their stakes, indicating a lack of confidence in the company's prospects.
In the broader market context, the stock has underperformed relative to the benchmark, with the Sensex gaining 2.94% over the past week while VL E-Governance has declined. This stark contrast highlights the stock's struggles, especially as the overall market has shown positive returns, including a 7.19% increase year-to-date. The company's negative performance, coupled with falling investor participation and poor financial results, has led to a lack of interest from both retail and institutional investors, further exacerbating its decline in stock price.