Why is CEAT falling/rising?

As of 05-Aug, CEAT Ltd's stock price is currently at 3,188.05, reflecting a decrease of 49.8 points or 1.54%. Today's price summary indicates that the stock opened with a gain of 4.7% but has since fallen, reaching an intraday low of Rs 3,170, which is a decline of 2.1%. The stock has underperformed its sector by 1.2% today, and the trading volume has decreased significantly, with a 22.51% drop in delivery volume compared to the five-day average. Despite a strong long-term growth outlook, with net sales and operating profit increasing annually, the stock has seen a profit decline of 32.9% over the past year, which may contribute to the current downward pressure on its price.
In the broader market context, CEAT's short-term performance has been notably weaker than the benchmark, with a 1-week return of -4.84% compared to the Sensex's -0.77%. While CEAT has outperformed the market over the past year with a return of 24.94%, the recent decline in investor participation and the stock's current trading below several moving averages may signal a lack of confidence among investors. Additionally, while institutional holdings remain high at 37.47%, indicating a level of trust in the company's fundamentals, the recent profit drop could be causing concern among retail investors, further impacting the stock's price negatively.