Why is Garware Hi Tech falling/rising?

As of 31-Jul, Garware Hi Tech Films Ltd is experiencing a decline in its stock price, currently at Rs 3,467.70, which reflects a decrease of Rs 94.3 or 2.65%. The stock has underperformed its sector by 1.23% today and has been on a downward trend, losing 3.76% over the last two days. It opened with a significant loss of 4.4% and reached an intraday low of Rs 3,402.4. Additionally, the stock is trading below its moving averages across various time frames, indicating a bearish sentiment. Despite the company reporting positive results over the last seven quarters, including a 26.02% growth in net sales and a 21.92% increase in profit after tax, the stock's valuation appears expensive compared to its peers, contributing to the recent price decline.
In the broader market context, Garware Hi Tech's short-term performance has been notably weaker than the benchmark, with a 1-week return of -7.87% compared to the Sensex's -1.22%. Over the past month, the stock has fallen 16.02%, while the Sensex has only declined by 3.00%. This stark contrast highlights the stock's struggles in the current market environment, despite its strong long-term performance, including a 39.06% return over the past year and a remarkable 289.85% increase over the last three years. The declining investor participation, as evidenced by a 28.87% drop in delivery volume, further underscores the challenges the stock is facing in attracting buyers amidst its recent price movements.