Why is HDFC AMC falling/rising?

As of 08-Aug, HDFC Asset Management Company Ltd is experiencing a decline in its stock price, currently at Rs 5,550.00, which reflects a decrease of Rs 113.7 or 2.01%. The stock has underperformed its sector by 1.3% today and has been on a consecutive downward trend for the last two days, accumulating a total decline of 2.28%. Despite this recent drop, the stock has shown strong performance over the longer term, with a 32.05% increase year-to-date and a remarkable 176.81% rise over the past three years. The company has demonstrated solid fundamentals, with a consistent return on equity of 28.86% and healthy growth in operating profit, but its current valuation is considered expensive, which may be contributing to the recent price decline.
In the broader market context, HDFC AMC's short-term performance has been slightly worse than the benchmark, with a 1-week return of -1.03% compared to the Sensex's -0.92%. This underperformance, combined with a decrease in investor participation—evidenced by a 5.38% drop in delivery volume—suggests a cautious sentiment among investors. While the company has consistently delivered positive results over the last ten quarters and maintains high institutional holdings, the stock's current valuation and recent price movements indicate that investors may be reassessing their positions in light of its high price-to-book ratio and the slower growth in profits relative to stock performance.