Why is ITC falling/rising?

As of 22-Aug, ITC Ltd. is experiencing a decline in its stock price, currently at Rs 398.30, which reflects a decrease of Rs 7.45 or 1.84%. The stock has been underperforming, with a consecutive fall over the last three days resulting in a total drop of 2.63%. It is also trading lower than its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages. Additionally, the stock is close to its 52-week low, just 1.71% away from Rs 391.5. The recent performance shows a 1-week decline of 3.18% and a 1-month decline of 4.28%, while it has underperformed the benchmark Sensex, which has gained 0.88% over the same week.
In the broader market context, ITC's recent struggles are compounded by a negative trend in the Cigarettes/Tobacco sector, which has fallen by 2.1%. The stock's performance is further hindered by flat results in its latest quarterly report, where raw material costs increased significantly and operating profit margins reached their lowest point. Despite strong long-term fundamentals, including a healthy return on equity and growth in net sales, the stock's valuation appears expensive relative to its peers. The high institutional holdings indicate confidence from larger investors, but the overall sentiment remains bearish due to the stock's underperformance over the past year and its recent price movements.