Why is Indiamart Inter. falling/rising?

As of 25-Sep, Indiamart Intermesh Ltd is experiencing a decline in its stock price, currently at 2,355.00, which reflects a decrease of 21.95 points or 0.92%. The stock has been on a downward trend, having fallen consecutively for the last eight days, resulting in a total return of -10.25% during this period. Although it has outperformed its sector by 0.58% today, its performance over the past week and month shows a significant decline of -6.73% and -10.24%, respectively. Despite the company reporting positive results for the last nine consecutive quarters, including a 54.01% growth in PAT and a high ROE of 18.31%, the stock is perceived as overvalued with a high Price to Book Value ratio of 6.5, contributing to its recent price drop.
In the broader market context, the stock's performance has been notably weaker compared to the benchmark, with a -10.24% return over the past month against a -0.58% decline in the Sensex. Over the last year, Indiamart has underperformed significantly, generating a return of -19.32% while the Sensex has only declined by 4.71%. This underperformance is compounded by a falling investor participation, as indicated by a 3.31% drop in delivery volume compared to the five-day average. Despite high institutional holdings at 34.52%, which typically indicate strong analytical capabilities, the stock's long-term performance remains below par, further influencing investor sentiment negatively.