Its certainly an interesting coral you have there, like others i have seen a fair few torches and none of them look like this! Hopefully it'll be sorted soon with these dips as its really cool to see unusual specimens
There have been before and after pics posted. The tentacles have been lost/shed due to illness/damage leaving the body of the polyp connected to the skeleton. While it’s an extreme case, it’s not that uncommon.
Visiting the fish store today i found a coral that i recognised due to its similarity with yours. It was also labeled as a torch euphyllia.
Heres an image:
Looks like an elegance to me rather than a torch, but this shows that perhaps they are mislabeled often.
This doesn't help understand the situation your coral is in very much (other than perhaps identifying what exactly it is) but just thought it was interesting