Why is Arihant Academy falling/rising?

As of 18-Nov, Arihant Academy Ltd's stock price is currently at 494.65, reflecting a decline of 23.35 points or 4.51%. The stock has underperformed its sector by 10.72% today, with a notable drop in investor participation, as evidenced by a 50% decrease in delivery volume compared to the 5-day average. Over the past week, the stock has seen a slight decline of 0.57%, and over the past month, it has decreased by 3.39%. Despite a strong year-to-date performance of 97.23% and a remarkable 130.07% increase over the past year, recent trading activity suggests a shift in sentiment. The company boasts a high return on equity (ROE) of 24.47% and a low debt-to-equity ratio, indicating financial stability, but its current valuation appears expensive with a price-to-book ratio of 12, which may be contributing to the stock's downward pressure.
In the broader market context, the Sensex has gained 0.84% over the past week and 0.78% over the past month, indicating that the market is generally performing well, contrasting with Arihant Academy's recent struggles. While the stock has outperformed the market significantly over the past year, the recent underperformance relative to the benchmark may be causing concern among investors. The stock's liquidity remains adequate for trading, but the falling delivery volume suggests a potential lack of confidence among traders, which could further impact its price negatively in the short term.