Why is Concord Biotech falling/rising?

As of 02-Jul, Concord Biotech Ltd's stock price is currently at 1,757.35, reflecting a decline of 39.85 points or 2.22%. The stock has been underperforming, having fallen consecutively for the last two days, resulting in a total drop of 4.21% during this period. Today's trading saw the stock reach an intraday low of Rs 1750, and the volume traded was significantly lower than average, indicating a decrease in investor participation. Despite the company's strong long-term fundamentals, including a healthy return on equity and impressive operating profit growth, the stock's valuation appears expensive relative to its historical averages, contributing to its recent price decline.
In the broader market context, Concord Biotech's performance over the past week and month has been negative, with returns of -3.38% and -3.34%, respectively, while the benchmark Sensex has gained 0.79% and 2.50% in the same periods. This underperformance highlights the stock's struggles compared to the overall market. Although institutional investors have increased their stake, suggesting confidence in the company's long-term potential, the stock's recent price movement reflects a lack of immediate investor enthusiasm, likely influenced by its high valuation and declining trading volume.