Why is Dr Lal Pathlabs falling/rising?

As of 22-Sep, Dr Lal Pathlabs Ltd is experiencing a decline in its stock price, currently at Rs 3,377.10, which reflects a decrease of 101.2 points or 2.91%. Today's performance indicates that the stock has underperformed its sector by 2.48% and has reversed its trend after two consecutive days of gains, touching an intraday low of Rs 3,365.75. Despite this decline, the stock has shown positive returns over the past week and year, with increases of 2.46% and 2.55%, respectively. The company maintains strong long-term fundamentals, evidenced by a solid average Return on Equity (ROE) of 20.50% and a low Debt to Equity ratio. However, the stock is viewed as very expensive, with a high Price to Book Value ratio, which may be contributing to the recent price drop.
In the broader market context, Dr Lal Pathlabs has outperformed the benchmark Sensex over the past week, gaining 2.46% compared to the Sensex's 0.46%. However, the stock's performance over the past month and year shows a more modest increase relative to the benchmark, with a 0.21% rise against the Sensex's 1.05% and a 2.55% rise compared to the Sensex's decline of 2.82%. This suggests that while the stock has had a strong performance historically, its recent price movement may be influenced by market perceptions of its valuation and the current selling pressure, despite the positive fundamentals and high institutional holdings.