Why is Elecon Engg.Co falling/rising?

As of 29-Sep, Elecon Engineering Company Ltd is experiencing a decline in its stock price, currently at 559.70, which reflects a decrease of 7.0 points or 1.24%. The stock has been underperforming, having fallen consecutively for the last six days, resulting in a total drop of 9.97% during this period. In terms of returns, the stock has decreased by 8.57% over the past week and 20.03% over the past year, significantly underperforming the benchmark Sensex, which has only declined by 2.18% in the same timeframe. While the company shows strong fundamentals, such as a high return on equity (ROE) of 16.24% and healthy growth in operating profit, the stock is considered expensive with a high price-to-book value of 6.3, which may deter investors.
Broader Market Context: The stock's recent performance contrasts sharply with the broader market, as it has underperformed the BSE500 index, which recorded a negative return of 7.50% over the past year. Despite the stock's positive operational metrics, including a significant increase in net sales and profit after tax, the overall market sentiment appears to be weighing heavily on Elecon Engineering's stock price. The stock's liquidity remains adequate, with rising investor participation noted, but the persistent decline in price suggests that investor confidence is currently low, leading to its continued fall.