Why is Grindwell Norton falling/rising?

As of 07-Jul, Grindwell Norton Ltd. is experiencing a slight decline in its stock price, currently at 1,738.00, reflecting a decrease of 1.6 or 0.09%. The stock has been underperforming recently, having fallen consecutively for the last two days with a total return of -2.24%. Despite outperforming its sector by 0.64% today, the stock's longer-term performance has been concerning, with a -5.50% return over the past month and a significant -39.19% over the past year. While the company boasts a high management efficiency with a return on equity (ROE) of 18.29% and a low debt-to-equity ratio, it has also shown poor long-term growth, with net sales and operating profit growth rates of only 12.22% and 15.26% respectively over the last five years. Additionally, the stock is perceived as expensive with a price-to-book value of 8.5, which may deter potential investors.
In the broader market context, Grindwell Norton has underperformed compared to the Sensex, which has gained 6.79% year-to-date, while Grindwell Norton has seen a decline of 9.64%. The stock's short-term performance of +0.65% over the past week contrasts with the Sensex's slight decline of -0.20%, indicating some relative strength in the very short term. However, the overall trend remains negative, as evidenced by the stock's significant underperformance against the BSE500 over various time frames. The falling investor participation, with a drastic drop in delivery volume, further suggests a lack of confidence among investors, contributing to the stock's recent price decline.