Why is Arihant Academy falling/rising?

As of 29-Aug, Arihant Academy Ltd's stock price is currently at Rs 375.00, reflecting a decrease of Rs 5.00 or 1.32%. The stock is trading 3.47% away from its 52-week high of Rs 388. Despite this decline, it has shown strong performance over the past month with a return of 33.93% and a remarkable 102.59% increase over the past year, significantly outperforming the benchmark Sensex, which has declined by 2.88% in the same period. However, today's performance has underperformed the sector by 1.15%, and there has been a notable drop in investor participation, with delivery volume falling by 72.22% compared to the 5-day average. The company maintains a low debt-to-equity ratio and has demonstrated healthy long-term growth, with net sales growing at an annual rate of 30.30%.
In the broader market context, while Arihant Academy's stock has shown impressive returns, the overall market, represented by the BSE500, has experienced negative returns of -5.40% over the last year. This contrast highlights the stock's strong performance relative to the market. However, the stock's recent decline may be influenced by its high valuation metrics, such as a Price to Book Value of 9.1, which could deter some investors despite its strong profit growth. The combination of falling investor participation and high valuation may be contributing factors to the current price movement.