Why is Indiamart Inter. falling/rising?

As of 15-Jul, Indiamart Intermesh Ltd is experiencing a decline in its stock price, currently at 2,707.05, which reflects a decrease of 26.1 points or 0.95%. Today's performance indicates that the stock has underperformed its sector by 1.33% and has reversed its trend after two consecutive days of gains. Despite this recent downturn, the stock has shown positive returns over the past week and month, with increases of 5.54% and 10.59%, respectively. Additionally, the company has demonstrated strong fundamentals, including a high return on equity (ROE) of 18.31%, a low debt-to-equity ratio, and consistent positive results over the last eight quarters, which may support investor confidence despite the current price drop.
In the broader market context, while Indiamart's recent performance has been strong compared to the benchmark Sensex, which has declined by 1.36% over the past week, the stock's year-to-date return of 20.36% significantly outpaces the Sensex's 5.67%. The stock's high institutional holdings at 34.45% suggest that knowledgeable investors are backing the company, which could provide stability. However, the stock's valuation is considered expensive with a price-to-book ratio of 7.4, and despite a profit increase of 64.2% over the past year, the stock has generated a negative return of 6.43%. This discrepancy may lead to some investor caution, contributing to the current price decline.