Why is ICICI Pru Life falling/rising?

As of 10-Sep, ICICI Prudential Life Insurance Company Ltd's stock price is currently at 603.00, reflecting an increase of 4.0 (0.67%). The stock has shown a positive movement over the last two days, gaining 1.6% during this period. However, it has underperformed its sector by 0.25% today and has a concerning trend of declining investor participation, with delivery volume dropping by 56.32% against the 5-day average. Over the past year, the stock has significantly underperformed, with a return of -19.28%, despite a notable increase in profits of 45.3%. The company's high institutional holdings at 21.97% suggest that these investors have confidence in its fundamentals, yet the stock's expensive valuation, indicated by a Price to Book Value of 6.9, raises concerns about its long-term growth potential.
In the broader market context, the stock's short-term performance contrasts sharply with the benchmark, as it has declined by 0.82% over the past week while the Sensex has risen by 1.06%. This consistent underperformance against the benchmark over the last three years highlights the challenges faced by ICICI Prudential Life Insurance, particularly given its annual operating profit growth rate of only 6.95%. Despite the recent positive quarterly results, the stock's valuation remains high compared to its peers, which may deter potential investors and contribute to its ongoing struggles in the market.