Why is Zee Entertainmen falling/rising?

As of 30-Jul, Zee Entertainment Enterprises Ltd is currently priced at Rs 116.65, reflecting a decrease of Rs 2.1 or 1.77%. The stock has underperformed its sector by 1.08% today, having touched an intraday low of Rs 116.15, which represents a decline of 2.19%. Over the past week, the stock has experienced a significant drop of 9.29%, while its performance over the past month shows a decline of 20.21%. Despite a low debt-to-equity ratio and a notable increase in profits by 63.9% over the past year, the stock has generated a return of -19.61%. Additionally, high institutional holdings at 41.68% indicate confidence from larger investors, yet the stock's trading below all major moving averages suggests a bearish trend.
In the broader market context, Zee Entertainment's recent performance contrasts sharply with the benchmark Sensex, which has only declined by 1.50% over the past week. The stock's year-to-date performance is also concerning, with a decline of 3.87% compared to the Sensex's gain of 4.28%. The falling investor participation, evidenced by a 44.03% drop in delivery volume, further exacerbates the stock's downward trajectory. Although the company holds a significant market cap and constitutes a large portion of its sector, the overall negative sentiment and substantial underperformance relative to both the sector and the benchmark contribute to the stock's current decline.