Why is Info Edg.(India) falling/rising?

As of 17-Jul, Info Edge (India) Ltd is experiencing a decline in its stock price, currently at 1,380.90, which reflects a decrease of 10.2 points or 0.73%. The stock has been underperforming recently, having fallen consecutively for the last two days, resulting in a total return of -1.55% during this period. Additionally, it is trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a bearish trend. The stock's performance over the past week shows a decline of 2.79%, and over the past month, it has decreased by 6.13%. Despite positive financial results in March, including record net sales and profit after tax, the stock is perceived as having a very expensive valuation, which may be contributing to the current downward pressure.
In the broader market context, the Sensex has only declined by 1.12% over the past week, suggesting that Info Edge's short-term performance is lagging behind the benchmark. The stock's liquidity appears to be adequate, but there has been a significant drop in investor participation, with delivery volume falling by nearly 65% compared to the 5-day average. While the company boasts high institutional holdings and consistent returns over the last three years, the high price-to-book ratio and low return on equity may deter investors, leading to the current decline in stock price.