Why is ICICI Pru Life falling/rising?

As of 24-Sep, ICICI Prudential Life Insurance Company Ltd is experiencing a decline in its stock price, currently at 596.35, down by 4.65 points or 0.77%. The stock has underperformed its sector by 0.68% today and has been on a consecutive downward trend for the last two days, resulting in a total decline of 2.22% during this period. Over the past week, the stock has decreased by 0.66%, while its performance over the last month shows a more significant drop of 4.76%. The company has also been trading below its moving averages across various time frames, indicating a bearish trend. Despite some positive quarterly results, including a substantial growth in profit before tax and net sales, the stock's long-term growth prospects appear poor, with an annual operating profit growth rate of only 6.95%. Additionally, the stock's high valuation relative to its peers, indicated by a price-to-book ratio of 6.9, raises concerns among investors.
In the broader market context, the stock's performance has been notably weaker compared to the benchmark, with a year-to-date return of -8.71% against the Sensex's positive return of 4.58%. This consistent underperformance over the last three years, coupled with a significant decline of 22.35% in the past year, highlights the challenges faced by ICICI Prudential Life. The falling investor participation, as evidenced by a 53.52% drop in delivery volume compared to the five-day average, further suggests a lack of confidence among market participants. While high institutional holdings may provide some stability, the overall sentiment remains cautious due to the stock's expensive valuation and poor long-term growth outlook.