Why is Bharat Rasayan falling/rising?

As of 03-Jul, Bharat Rasayan Ltd. is experiencing a decline in its stock price, currently at 11,337.00, which reflects a decrease of 227.0 or 1.96%. The stock has underperformed its sector today by 3.23% and has seen a trend reversal after three consecutive days of gains. Despite this recent downturn, the stock has shown positive performance over the past week and month, with returns of 7.45% and 27.30%, respectively. However, the company faces challenges, including a significant drop in profit after tax for the quarter, which fell by 62.5%, and a poor long-term growth outlook, as operating profit has decreased at an annual rate of 8.80% over the last five years. The stock's high price-to-book value of 4.2 suggests it may be overvalued compared to its peers, despite a relatively high return on equity of 16.47%.
In the broader market context, Bharat Rasayan's recent performance contrasts with the benchmark, as it has consistently underperformed against the BSE500 over the last three years, generating a return of -2.16% in the past year compared to the benchmark's positive return of 4.07%. While the stock has shown some resilience in the short term, the overall sentiment is impacted by its long-term growth concerns and recent profit declines, which contribute to the current price drop. The stock's liquidity remains adequate, but the combination of high valuation and declining profitability may deter investors, leading to the observed price movement.