Why is Zee Entertainmen falling/rising?

As of 05-Aug, Zee Entertainment Enterprises Ltd is experiencing a decline in its stock price, currently at Rs 116.75, reflecting a decrease of Rs 2.4 or 2.01%. The stock has underperformed the sector by 1.38% today, reaching an intraday low of Rs 116.5. Over the past week, the stock has fallen by 1.68%, and it has shown a significant decline of 20.69% over the past month. Additionally, the stock is trading below all key moving averages, indicating a bearish trend. Despite a low debt-to-equity ratio and a strong return on equity of 6.6, the stock's performance has been hindered by a substantial drop in delivery volume, which fell by 26.8% compared to the five-day average.
In the broader market context, Zee Entertainment's recent performance contrasts sharply with the benchmark Sensex, which has only declined by 0.77% over the past week. The stock's year-to-date performance is also concerning, with a decline of 3.79% compared to the Sensex's gain of 3.29%. While the company boasts high institutional holdings and has seen an increase in their stake, the overall market sentiment appears to be negative, contributing to the stock's downward trajectory. The significant underperformance relative to both the sector and the benchmark suggests that investor confidence may be waning, despite the company's attractive valuation metrics and strong fundamentals.