Why is Zee Entertainmen falling/rising?

As of 28-Jul, Zee Entertainment Enterprises Ltd is experiencing a decline in its stock price, currently at Rs 118.60, which reflects a decrease of Rs 5.15 or 4.16%. The stock has underperformed its sector by 2.03% today and has been on a downward trend, losing 8.28% over the last two days. Additionally, it has shown significant underperformance over various time frames, with a 1-week decline of 16.42% and a 1-month decline of 17.78%. The stock is trading below all its moving averages, indicating a bearish trend. Despite a low debt-to-equity ratio and an attractive valuation with a PEG ratio of 0.2, the stock's performance has been hampered by a significant drop in its price over the past year, despite a 63.9% increase in profits.
In the broader market context, Zee Entertainment's performance is notably worse than the benchmark Sensex, which has only declined by 1.59% over the past week. The TV Broadcasting & Software Production sector has also seen a decline of 2.13%, contributing to the stock's struggles. While there has been rising investor participation, as evidenced by a 6.26% increase in delivery volume, the overall market sentiment remains negative. The stock's substantial institutional holdings at 41.68% may provide some stability, but the recent price movements suggest that investor confidence is wavering amidst broader sector challenges.