Why is Elgi Equipments falling/rising?

As of 05-Sep, Elgi Equipments Ltd's stock is currently priced at Rs 477.40, reflecting a decrease of Rs 8.6 or 1.77%. The stock has been on a downward trend, having underperformed its sector by 0.95% today and experiencing a consecutive decline over the last three days, resulting in a total drop of 3.64% in that period. Additionally, the stock has touched an intraday low of Rs 474.05. Over the past month, the stock has seen a significant decline of 16.52%, while its year-to-date performance shows a drop of 17.45%. Despite some positive indicators such as high management efficiency and strong operating profit growth, the stock's valuation appears expensive with a Price to Book Value of 8.1, and it has underperformed the broader market over various time frames.
In the broader market context, Elgi Equipments' short-term return of 1.36% over the past week slightly outpaces the Sensex, which has returned 1.13% in the same period. However, the stock's long-term performance has been disappointing, with a 32.51% decline over the past year compared to a slight drop of 1.81% for the Sensex. This underperformance, coupled with a significant decrease in investor participation and the stock trading below its moving averages, suggests a lack of confidence among investors. The high institutional holdings indicate that while there is some confidence from larger investors, the overall market sentiment remains cautious, contributing to the stock's recent decline.