Why is ICICI Pru Life falling/rising?

As of 08-Sep, ICICI Prudential Life Insurance Company Ltd is experiencing a decline in its stock price, currently at 593.50, which reflects a decrease of 3.95 (-0.66%). The stock has been underperforming, having fallen consecutively for the last four days, resulting in a total decline of 3.12% during this period. Additionally, the stock is trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a bearish trend. The recent performance metrics show that the stock has underperformed its sector by 0.98% today and has generated a return of -20.96% over the past year, despite a significant growth in profits. The company has reported positive quarterly results, including a 522.33% growth in profit before tax and a 34.2% increase in profit after tax, but this has not translated into positive stock performance due to concerns over long-term growth and high valuation metrics.
In the broader market context, the stock's short-term performance has been notably weaker compared to the benchmark, with a 1-week return of -2.47% against a positive return of +0.53% for the Sensex. This underperformance is compounded by a significant drop in investor participation, with delivery volumes falling by 57.52% against the 5-day average. While high institutional holdings at 21.97% suggest some confidence in the company's fundamentals, the overall sentiment is dampened by the stock's expensive valuation relative to peers and its poor long-term growth outlook, as indicated by an annual operating profit growth rate of only 6.95%.