Why is Dr Lal Pathlabs falling/rising?

As of 23-Sep, Dr Lal Pathlabs Ltd's stock price is currently at Rs 3,335.70, reflecting a decrease of Rs 56.75 or 1.67%. The stock has been underperforming, having fallen consecutively for the last two days, resulting in a total decline of 4.1% during this period. Today's trading activity indicates that the stock touched an intraday low of Rs 3,305, with a weighted average price showing more volume traded near this low. Despite this recent downturn, the stock has performed well over the year, with a return of 1.70%, and has shown strong long-term fundamentals, including a high return on equity (ROE) of 20.50% and low debt levels. However, it is considered very expensive with a high price-to-book value, which may be contributing to the current price decline.
In the broader market context, Dr Lal Pathlabs has outperformed the Sensex over the past week with a return of 1.93% compared to the benchmark's decline of 0.34%. However, over the past month, the stock has underperformed the Sensex, which gained 0.98% while Dr Lal Pathlabs fell by 1.02%. The recent drop in delivery volume, which decreased by 24.99% against the five-day average, suggests falling investor participation, potentially impacting the stock's liquidity and attractiveness. Despite the company's strong fundamentals and high institutional holdings, the combination of recent price declines and high valuation metrics may be causing caution among investors, leading to the current downward movement in the stock price.