Why is Indiamart Inter. falling/rising?

As of 17-Jul, Indiamart Intermesh Ltd is experiencing a decline in its stock price, currently at Rs 2,637.40, reflecting a decrease of Rs 32.6 or 1.22%. The stock has been on a downward trend, having fallen for the last three consecutive days, resulting in a total decline of 3.5% during this period. Additionally, the stock touched an intraday low of Rs 2,613, indicating a significant drop of 2.13%. Despite a positive performance over the past month with a 6.06% increase, the stock's year-to-date return stands at 17.26%, while it has underperformed over the past year with a decline of 8.10%. The recent drop in delivery volume by 78.14% against the 5-day average suggests a decrease in investor participation, which may be contributing to the stock's current decline.
In the broader market context, the Sensex has shown a decline of 1.12% over the past week, indicating that the stock's short-term performance is relatively better than the benchmark. However, the stock's recent performance contrasts with its long-term growth potential, as evidenced by a high management efficiency with a return on equity (ROE) of 18.31% and a healthy operating profit growth rate of 27.08%. Despite these positive indicators, the stock's valuation appears expensive with a price-to-book value of 7.2, which may deter some investors. The high institutional holdings at 34.45% suggest confidence from larger investors, but the recent price movements and declining participation may reflect caution among retail investors in the current market environment.