Why is ICICI Pru Life falling/rising?

As of 11-Sep, ICICI Prudential Life Insurance Company Ltd is experiencing a decline in its stock price, currently at 598.50, which represents a decrease of 4.5 or 0.75%. The stock has underperformed its sector by 0.64% today and has fallen after two consecutive days of gains. It is trading below all key moving averages, indicating a bearish trend. Additionally, there has been a significant drop in investor participation, with delivery volume falling by 51.06% compared to the 5-day average. Over the past year, the stock has generated a return of -20.42%, and despite positive quarterly results, such as a 522.33% growth in profit before tax and a 34.2% increase in profit after tax, the overall long-term growth outlook remains poor, with an annual operating profit growth rate of only 6.95%.
In the broader market context, the stock's performance has lagged behind the benchmark, with a 1-week return of -0.19% compared to the Sensex's +1.03%. Over the past year, while the stock has declined significantly, the benchmark has remained relatively flat with a return of +0.03%. This consistent underperformance against the benchmark, combined with a high price-to-book value ratio of 6.9, suggests that the stock is trading at a premium compared to its peers. Furthermore, the high institutional holdings at 21.97% indicate that these investors, who typically have better resources for analyzing fundamentals, may be cautious about the stock's valuation and growth potential, contributing to the downward pressure on its price.