Why is Garware Hi Tech falling/rising?

As of 20-Jun, Garware Hi Tech Films Ltd is experiencing a decline in its stock price, currently at Rs 4,001.65, reflecting a decrease of Rs 62.45 or 1.54%. The stock has underperformed its sector by 1.65% today and has been on a consecutive downward trend for the last four days, accumulating a total loss of 7.15% during this period. It opened with a loss of 2.92% and reached an intraday low of Rs 3,945.35. Despite this recent downturn, the company has shown strong performance over the past year, with a remarkable return of 96.71%, although it has faced a significant decline of 20.84% year-to-date. The stock's moving averages indicate it is currently lower than the 5-day and 20-day averages, while it remains above the longer-term 50-day, 100-day, and 200-day averages. Positive factors include a low debt-to-equity ratio, consistent growth in net sales and profit after tax, and increasing participation from institutional investors, which collectively hold 8.25% of the company.
In the broader market context, Garware Hi Tech's recent performance contrasts sharply with the benchmark Sensex, which has gained 1.59% over the past week and 5.46% year-to-date. This underperformance relative to the benchmark may be contributing to investor sentiment that is negatively impacting the stock price. While the company has consistently generated strong returns over the past three years and has a solid market position, its current valuation appears expensive compared to peers, with a high price-to-book ratio. This valuation concern, coupled with the recent price decline, may be prompting investors to reassess their positions, leading to the observed downward movement in the stock price.