Why is Elgi Equipments falling/rising?

As of 24-Sep, Elgi Equipments Ltd's stock price is currently at 501.85, reflecting a decrease of 1.5 points or 0.3%. The stock's performance today is in line with the sector, although it is trading higher than its 5-day and 20-day moving averages but lower than its 50-day, 100-day, and 200-day moving averages. The stock has shown a return of +1.59% over the past week, while it has underperformed with a -29.09% return over the past year. Despite a high management efficiency indicated by a return on capital employed (ROCE) of 21.98% and strong debt servicing ability with a low Debt to EBITDA ratio of 0.44, the stock's valuation appears expensive with a Price to Book Value of 8.5. Additionally, the stock has seen a significant drop in investor participation, with delivery volume falling by 45.33% against the 5-day average.
In the broader market context, the stock's recent performance contrasts with the benchmark, as it has underperformed the Sensex, which has gained 4.58% year-to-date. While the stock has shown some resilience over the last three years with a +11.46% return, its consistent underperformance against the benchmark and a significant -29.09% return over the past year raises concerns among investors. The stock's high institutional holdings at 32.84% suggest that these investors may have better insights into the company's fundamentals, yet the overall sentiment remains cautious due to its valuation metrics and historical performance.