Why is Garware Hi Tech falling/rising?

As of 22-Sep, Garware Hi Tech Films Ltd is experiencing a decline in its stock price, currently at Rs 3,309.10, which reflects a decrease of Rs 74.9 or 2.21%. Today's price summary indicates that the stock underperformed its sector by 1.56%, with an intraday low of Rs 3,290.85, marking a drop of 2.75%. The stock's performance over the past week shows a slight decline of 0.84%, while it has seen a more significant increase of 10.72% over the past month. However, year-to-date, the stock has fallen by 34.54%, despite generating a modest return of 1.71% over the past year. The company has a low debt-to-equity ratio and has shown healthy long-term growth, with net sales growing at an annual rate of 20.40%. However, flat results in the most recent quarter, with a 6.1% decline in net sales compared to the previous four-quarter average, may be contributing to the current downward pressure on the stock.
In the broader market context, the Sensex has increased by 0.46% over the past week, contrasting with Garware Hi Tech's decline, indicating that the stock is underperforming relative to the overall market. While the company has consistently generated returns over the last three years, its current valuation appears expensive compared to peers, with a price-to-book value of 3.2. The falling investor participation, evidenced by a significant drop in delivery volume, suggests waning interest among investors, which could further exacerbate the stock's decline. Despite being the largest company in its sector and constituting a significant portion of the industry, the combination of flat quarterly results and high valuation may be leading to investor caution and contributing to the stock's recent price movement.