Why is I R C T C falling/rising?

As of 23-Sep, Indian Railway Catering & Tourism Corporation Ltd (IRCTC) is experiencing a decline in its stock price, currently at 722.40, which reflects a decrease of 4.85 points or 0.67%. The stock has been losing for the last two days, resulting in a total decline of 1.86% during this period. While it has outperformed its sector by 0.51% today, its performance over the past week shows a slight drop of 0.66%. The stock has also underperformed significantly over the last year, with a return of -20.69%, despite a 9.5% increase in profits. The company's high Price to Book Value ratio of 15.8 indicates a very expensive valuation, contributing to the negative sentiment. Additionally, a decrease in delivery volume by 13.58% against the 5-day average suggests falling investor participation, which can further pressure the stock price.
In the broader market context, the benchmark index, Sensex, has shown a slight decline of 0.34% over the past week, indicating a relatively stable market environment. However, IRCTC's performance has been notably weaker, with a year-to-date return of -8.17% compared to the Sensex's gain of 5.07%. This consistent underperformance against the benchmark over the last three years, coupled with its significant market capitalization and high institutional holdings, suggests that while the company has strong long-term fundamentals, the current market perception is overshadowed by its valuation concerns and recent flat results.