Why is Elgi Equipments falling/rising?

As of 07-Nov, Elgi Equipments Ltd is experiencing a decline in its stock price, currently at 476.55, which reflects a decrease of 5.7 or 1.18%. The stock has underperformed in the short term, with a 1-week return of -4.18% compared to the Sensex's -0.86%. Additionally, it is trading below all its moving averages, indicating a bearish trend. The delivery volume has also decreased significantly, falling by 43.39% against the 5-day average, suggesting a drop in investor participation. Despite some positive factors such as high management efficiency and strong operating profit growth, the stock's valuation is considered expensive, with a Price to Book Value of 8.1, and it has consistently underperformed against benchmarks over the past year.
In the broader market context, Elgi Equipments' performance has been notably weaker compared to the Sensex, which has gained 1.57% over the past month while the stock has declined by 3.90%. This consistent underperformance, coupled with a negative sentiment reflected in the stock's recent price movements, indicates a lack of confidence among investors. The high institutional holdings may provide some stability, but the overall market perception is influenced by the stock's expensive valuation and its inability to generate positive returns relative to the broader market trends.