Why is HDFC AMC falling/rising?

As of 25-Jul, HDFC Asset Management Company Ltd's stock price is currently at 5,544.35, reflecting a decrease of 21.65 points or 0.39%. The stock has been experiencing a consecutive decline over the last four days, resulting in a total drop of 1.35% during this period. Despite this recent downturn, the stock has shown strong performance over the longer term, with an impressive 31.92% increase year-to-date and a 36.54% rise over the past year. However, it is currently 2% away from its 52-week high and has underperformed the finance/NBFC sector, which has fallen by 2.12%. Additionally, there has been a significant drop in investor participation, with delivery volume decreasing by 72.51% compared to the five-day average.
In the broader market context, the stock's short-term performance has lagged behind the benchmark Sensex, which has decreased by only 0.36% over the past week, while HDFC AMC has fallen by 0.78%. This underperformance may be attributed to the stock's high valuation metrics, including a Price to Book Value ratio of 14.6, which some investors may find expensive despite the company's strong fundamentals and consistent returns. The high institutional holdings at 38.63% indicate confidence from larger investors, but the recent decline in delivery volumes suggests a potential decrease in retail investor interest. Overall, while the company has demonstrated strong long-term growth and profitability, the recent price movement reflects a combination of market sentiment and valuation concerns.