Why is ICICI Pru Life falling/rising?

As of 01-Aug, ICICI Prudential Life Insurance Company Ltd is experiencing a decline in its stock price, currently at 600.40, which reflects a decrease of 16.35 or 2.65%. The stock has been underperforming, having fallen consecutively for the last two days with a total return of -3.02% during this period. It is trading below all its moving averages, indicating a bearish trend. Additionally, the delivery volume has decreased significantly, down by 38.01% compared to the 5-day average, suggesting a drop in investor participation. While the company reported positive results in its latest quarterly earnings, including a substantial growth in profit before tax and net sales, concerns about its long-term growth prospects and high valuation relative to peers are weighing on investor sentiment.
In the broader market context, ICICI Prudential Life has underperformed the benchmark Sensex, which has seen a decline of only 1.06% over the past week compared to the stock's drop of 2.79%. The stock's year-to-date performance is also concerning, with a decline of 8.09% while the Sensex has gained 3.15%. This consistent underperformance against the benchmark over the last three years, coupled with a high price-to-book ratio and a relatively low return on equity, raises red flags for investors. The combination of these factors contributes to a negative outlook for the stock, leading to its current downward trajectory.