Why is Kennametal India falling/rising?

As of 18-Nov, Kennametal India Ltd's stock price is currently at 2,380.00, reflecting a decline of 75.25 points or 3.06%. The stock has been underperforming, having lost 5.69% over the last three days and is trading lower than its intraday low of Rs 2,350. Despite a positive performance over the past week and month, with returns of 4.32% and 14.43% respectively, the stock has significantly underperformed over the year, showing a decline of 23.27%. The company's financial health is somewhat stable, with a low debt-to-equity ratio and healthy long-term growth in operating profit, but it faces challenges due to its high valuation and poor recent performance relative to the market.
Broader market context indicates that while the Sensex has generated positive returns of 8.36% year-to-date, Kennametal India has seen a substantial decline of 19.78% in the same period, highlighting its underperformance against the broader market. The stock's recent struggles are compounded by a very expensive valuation reflected in its high price-to-book ratio and a PEG ratio of 47.9, suggesting that despite some positive operational metrics, investor sentiment remains cautious. Overall, the combination of recent price declines, high valuation concerns, and underperformance relative to the market contributes to the stock's current downward trajectory.