Why is Elantas Beck falling/rising?

As of 23-Jul, Elantas Beck India Ltd is experiencing a decline in its stock price, currently at Rs 13,366.65, which represents a decrease of Rs 258.7 or 1.9%. The stock has underperformed its sector by 1.59% today and has been on a consecutive downward trend for the last two days, resulting in a total decline of 3.54%. Despite a strong performance over the past year, with a return of 20.54%, recent financial results have shown some weaknesses, including a drop in profit after tax by 5.8% compared to the previous quarter's average. The company has a high management efficiency with a return on equity of 15.14%, but it faces challenges with poor long-term growth, as net sales have only grown at an annual rate of 14.19% over the last five years.
In the broader market context, Elantas Beck's short-term performance has been relatively strong, with a 1-week return of 0.95% compared to a modest 0.11% increase in the Sensex. However, the stock's recent decline may be influenced by falling investor participation, as evidenced by a significant drop in delivery volume. While the stock remains liquid enough for trading, the combination of flat financial results and a high price-to-book value ratio suggests that it may be perceived as overvalued compared to its peers. Overall, these factors contribute to the current downward pressure on the stock price, despite its historical performance and consistent returns over the past three years.