Why is Alembic falling/rising?

As of 18-Jul, Alembic Ltd's stock is currently priced at 118.30, reflecting a decline of 1.3 points or 1.09%. The stock has been underperforming its sector, with a performance today that is 0.54% lower than the sector average. It has experienced consecutive losses over the last two days, resulting in a total decline of 2.47%. Over the past week, Alembic has shown a modest gain of 0.94%, but its year-to-date performance is down by 10.55%. Despite a healthy long-term growth rate in operating profit and positive results over the last six quarters, the stock's valuation appears expensive, with a price-to-book ratio of 1.3 and a return on equity of 13.3%. Additionally, the lack of domestic mutual fund investment may indicate a lack of confidence in the stock's current price.
Broader market context shows that while Alembic has gained 3.50% over the last month, it has significantly underperformed the benchmark Sensex, which has risen by 0.38% during the same period. Over the past year, Alembic's return of -18.58% starkly contrasts with the Sensex's modest gain of 0.51%. This underperformance in the broader market, combined with the stock's recent price decline and high valuation concerns, contributes to a bearish outlook for Alembic Ltd.