Why is ICICI Pru Life falling/rising?

As of 23-Sep, ICICI Prudential Life Insurance Company Ltd is experiencing a decline in its stock price, currently at 601.05, which reflects a decrease of 8.85 points or 1.45%. The stock has underperformed its sector by 1.78% today and is trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages. Additionally, there has been a notable drop in investor participation, with delivery volume falling by 22.96% compared to the 5-day average. Over the past year, the stock has generated a return of -23.98%, significantly underperforming against the benchmark, while its profits have increased by 45.3%. Despite positive quarterly results showing substantial growth in profit before tax and net sales, the stock's long-term growth prospects are hindered by a low operating profit growth rate and a high price-to-book value, indicating it is trading at a premium compared to its peers.
In the broader market context, the stock's short-term performance has been slightly better than the benchmark, with a 1-week return of -0.26% compared to the Sensex's -0.34%. However, the stock's year-to-date performance shows a decline of 7.99%, while the benchmark has gained 5.07%. This consistent underperformance against the benchmark over the last three years, combined with high institutional holdings, suggests that while institutional investors may have confidence in the company's fundamentals, the overall market sentiment remains cautious due to the stock's expensive valuation and poor long-term growth outlook.