Why is Arihant Academy falling/rising?

As of 04-Sep, Arihant Academy Ltd's stock is currently priced at Rs 380.00, reflecting a decrease of Rs 1.3 or 0.34%. The stock has shown strong performance over the past month, with a return of 11.72%, and an impressive year-to-date increase of 51.52%. It is also noteworthy that the stock is only 2.63% away from its 52-week high of Rs 390. Today's trading activity indicates a positive trend in investor participation, with delivery volume rising significantly by 136.84% compared to the 5-day average. The company boasts a high return on equity (ROE) of 19.01% and a low debt-to-equity ratio, which are positive indicators of management efficiency and financial health. However, the stock is considered expensive with a price-to-book value of 9.2, despite its substantial profit growth of 187% over the past year.
In the broader market context, while Arihant Academy has outperformed the BSE500 index, which has seen negative returns of -4.38% over the last year, the stock's recent decline may be attributed to its high valuation metrics. The stock's performance today has outpaced its sector by 0.99%, indicating that it remains attractive to investors despite the slight price drop. The overall market has shown a positive return of 0.95% over the past week, contrasting with the stock's current downward movement. This suggests that while the stock has strong fundamentals and growth potential, market sentiment and valuation concerns may be influencing its short-term price action.