Why is Gravita India falling/rising?

As of 18-Aug, Gravita India Ltd's stock price is currently at Rs 1,740.65, reflecting a decline of Rs 38.25 or 2.15%. The stock has been underperforming, having fallen for the last two consecutive days with a total drop of 2.32%. It has also touched an intraday low of Rs 1,727. The stock's performance over the past week shows a decrease of 2.79%, while it has experienced a significant decline of 20.58% year-to-date. Despite the company demonstrating strong management efficiency and healthy long-term growth, including a 32.11% annual increase in operating profit, the stock's valuation appears expensive with a Price to Book Value of 6.2. Additionally, a reduction in promoter confidence, indicated by a 3.39% decrease in their stake, may be contributing to the stock's downward trend.
In the broader market context, Gravita India has underperformed the benchmark index, the Sensex, which has gained 0.83% over the past week. While the stock has shown some positive growth over the past month, with a 0.62% increase, its year-long performance is starkly negative at -21.37%, compared to the Sensex's modest gain of 1.04%. This significant underperformance, coupled with falling investor participation and liquidity concerns, suggests that market sentiment towards Gravita India is currently bearish, further exacerbating its price decline.