Why is Zen Technologies falling/rising?

As of 08-Aug, Zen Technologies Ltd is experiencing a decline in its stock price, currently at Rs 1,404.95, which reflects a decrease of Rs 28.45 or 1.98%. The stock has underperformed its sector by 1.18% today and has touched an intraday low of Rs 1,402.3. Over the past week, the stock has fallen by 8.42%, and its performance over the last month shows a significant decline of 28.00%. Additionally, the stock is trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages. The delivery volume has also decreased sharply, falling by 57.66% against the 5-day average, indicating a drop in investor participation. While the company has shown healthy long-term growth with net sales increasing at an annual rate of 53.03%, recent quarterly figures reveal a concerning drop in net sales by 35.0% and a decline in profit before tax by 37.4%, contributing to the stock's downward trend.
In the broader market context, Zen Technologies has underperformed the benchmark, with a one-year return of -16.65% compared to the BSE500's negative return of -1.79%. This stark contrast highlights the stock's struggles relative to the market. Furthermore, institutional investors have reduced their stake in the company by 0.63% over the previous quarter, which may signal a lack of confidence in the stock's future performance. Despite a low debt-to-equity ratio and a relatively high return on equity of 16.5%, the stock is perceived as expensive with a price-to-book value of 7.5, which may deter potential investors. Overall, the combination of declining sales, reduced institutional interest, and underperformance against the market contributes to the ongoing decline in Zen Technologies' stock price.