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

As of 08-Aug, Info Edge (India) Ltd is experiencing a decline in its stock price, currently at Rs 1,337.00, reflecting a decrease of Rs 25.0 or 1.84%. The stock has underperformed its sector by 1.04% today, touching an intraday low of Rs 1,323.6, which is a drop of 2.82%. Over the past week, the stock has decreased by 2.24%, and it has shown a significant decline of 8.42% over the past month. Despite positive financial results in the last three quarters, including a 26.9% growth in PAT, the stock's performance is hindered by its trading below all major moving averages and a notable drop in investor participation, with delivery volume falling by 59.29% against the five-day average.
In the broader market context, Info Edge's recent performance contrasts with the Sensex, which has only declined by 0.92% over the past week. The stock's year-to-date performance shows a significant drop of 23.17%, while the Sensex has gained 2.20%. The company's high institutional holdings at 52.01% suggest that informed investors are closely monitoring its fundamentals, yet the stock's expensive valuation, indicated by a high Price to Book Value and a low Return on Equity of 2.7, raises concerns. This combination of factors contributes to the stock's downward movement, despite its recent positive earnings growth.