Why is IRIS Business falling/rising?

As of 28-Jul, IRIS Business Services Ltd's stock price is currently at 371.00, reflecting a decrease of 3.0 points or 0.8%. The stock has been underperforming recently, having fallen for three consecutive days, resulting in a total decline of 5.21%. Today, it opened with a loss of 2.94% and reached an intraday low of Rs 357, while the day's high was Rs 383.9. Over the past week, the stock has decreased by 1.45%, contrasting with a significant increase of 28.53% over the past month. Despite generating a return of 30.61% in the last year, the stock's recent performance is hindered by flat quarterly results and a high valuation relative to its peers, indicated by a Price to Book Value of 10.1. Furthermore, the lack of domestic mutual fund investment may suggest a lack of confidence in the stock's current price.
In the broader market context, the stock's short-term performance has been slightly better than the benchmark Sensex, which has declined by 1.59% over the past week. However, the stock's year-to-date performance shows a significant underperformance compared to the Sensex, which has gained 3.52% while IRIS has dropped by 18.94%. The stock's liquidity appears adequate, but falling investor participation, as evidenced by a substantial drop in delivery volume, indicates waning interest. Overall, while IRIS has shown strong returns over longer periods, recent negative factors, including disappointing quarterly results and high valuations, are contributing to its current price decline.