Why is Elecon Engg.Co falling/rising?

As of 09-Sep, Elecon Engineering Company Ltd's stock price is currently at Rs 558.70, reflecting a decrease of Rs 11.25 or 1.97%. The stock has underperformed its sector by 2.3% today and has experienced a trend reversal, falling after two consecutive days of gains. The stock touched an intraday low of Rs 557.75, indicating a decline of 2.14%. Over the past week, the stock has seen a slight decrease of 0.29%, while it has performed better over the past month with a gain of 3.36%. Despite a high management efficiency indicated by a return on equity (ROE) of 16.24% and a low debt-to-equity ratio of 0.05, the stock's valuation appears expensive with a price-to-book value of 6.3, contributing to its recent price decline.
In the broader market context, the Sensex has increased by 1.18% over the past week, contrasting with Elecon's slight decline. While the stock has shown strong long-term growth, with a remarkable 196.98% increase over three years, its year-to-date performance is down by 11.98%, compared to the Sensex's gain of 3.79%. The stock's recent performance may be influenced by its high valuation relative to peers, despite positive financial results, including a significant increase in operating profit and net sales. The rising investor participation, with a 90.14% increase in delivery volume, suggests some interest, but the overall market sentiment and valuation concerns are likely contributing to the stock's current downward movement.