Why is VL E-Governance falling/rising?

As of 27-Jun, VL E-Governance & IT Solutions Ltd is experiencing a price increase, currently at Rs 47.23, reflecting a rise of 2.35 (5.24%). Despite this uptick today, the stock has shown significant underperformance over various periods, with a 1-week decline of 8.27% and a 1-month decline of 23.88%. The stock opened lower today, down 3.74%, but managed to reach an intraday high of Rs 47.23. However, it is trading below all key moving averages and has seen a substantial drop in investor participation, with delivery volume falling by 46.67% compared to the 5-day average. The company is facing serious challenges, including operating losses, a weak ability to service debt, and a negative EBITDA, which contribute to its classification as a strong sell.
In the broader market context, the stock's recent performance contrasts sharply with the benchmark, as it has consistently underperformed against the BSE 500 over the last three years, generating a return of -27.00% in the past year while the benchmark has risen by 6.08%. The stock's short-term performance today, while positive, does not offset its long-term struggles, including a significant decline in net sales and operating profit. Additionally, the decrease in institutional investor participation suggests a lack of confidence in the company's fundamentals, further complicating its market position.