Why is Garware Hi Tech falling/rising?

As of 09-Jul, Garware Hi Tech Films Ltd is experiencing a decline in its stock price, currently at Rs 3,655.00, which reflects a decrease of Rs 67.4 or 1.81%. The stock has underperformed its sector by 1.82% today and has been on a consecutive downward trend for the last four days, resulting in a total decline of 11.46% during this period. Despite touching an intraday high of Rs 3,797.3, the stock also reached a low of Rs 3,634. The stock's performance over the past week shows a significant drop of 10.50%, and over the past month, it has fallen by 18.93%. While the company has shown strong growth in net sales and profit after tax over the last nine months, the stock's current valuation appears high, with a Price to Book Value of 3.6, which may be contributing to the recent price decline.
In the broader market context, the Sensex has shown a slight increase of 0.15% over the past week, contrasting with Garware Hi Tech's significant decline. This underperformance against the benchmark indicates a lack of investor confidence in the stock despite its positive fundamentals, such as consistent returns over the past three years and increasing institutional investor participation. The stock's high valuation compared to its peers may also be a factor leading to its current price drop, as investors may be reassessing their positions in light of the recent price movements and overall market conditions.