Why is ICICI Lombard falling/rising?

As of 15-Jul, ICICI Lombard General Insurance Company Ltd is experiencing a decline in its stock price, currently at 2,003.20, which reflects a decrease of 21.7 points or 1.07%. Today's price summary indicates that the stock has underperformed its sector by 1.88% and has fallen after two consecutive days of gains. While the stock is trading above its 20-day, 50-day, 100-day, and 200-day moving averages, it is below its 5-day moving average. In terms of returns, the stock has shown a 1-month increase of 2.94% and a year-to-date increase of 11.73%, but it has underperformed the benchmark Sensex in the past week, which saw a decline of 1.36%. The stock's strong long-term fundamentals, indicated by an average Return on Equity (ROE) of 16.66% and high institutional holdings at 41.52%, suggest a solid foundation, but recent flat results and a high valuation relative to peers may be contributing to the current price drop.
Broader market context shows that while ICICI Lombard has performed well over the longer term, with a 3-year return of 59.62% compared to the Sensex's 53.59%, its recent short-term performance has lagged behind the benchmark. The stock's decline today comes amid rising investor participation, as evidenced by a 20.93% increase in delivery volume, indicating some interest despite the price drop. However, the flat quarterly results and the stock's expensive valuation, with a Price to Book Value of 6.9, may be causing caution among investors, leading to the current downward movement.