Why is L&T Technology falling/rising?

As of 25-Sep, L&T Technology Services Ltd is experiencing a decline in its stock price, currently at Rs 4,115.05, which reflects a decrease of Rs 73.5 or 1.75%. The stock has been underperforming, having lost 6.37% over the past week and 5.66% over the past month. It has also fallen for five consecutive days, with an intraday low of Rs 4,096.15. The stock is trading below its moving averages across various time frames, indicating a bearish trend. Additionally, there has been a significant drop in investor participation, with delivery volume decreasing by 61.46% compared to the five-day average. Despite having strong long-term fundamentals, including a solid Return on Equity (ROE) of 22.95% and a low Debt to Equity ratio, the stock's recent performance has been hampered by flat results and an expensive valuation relative to its peers.
In the broader market context, L&T Technology Services has underperformed the benchmark Sensex, which has seen a decline of only 2.23% over the past week. The stock's year-to-date performance is notably poor, with a drop of 13.14%, while the Sensex has gained 3.87% during the same period. This underperformance is compounded by the company's recent financial results, which have shown a decrease in profits and a low Return on Capital Employed (ROCE). The stock's valuation appears high, with a Price to Book Value of 7.2, which may deter investors amidst a backdrop of declining returns and profitability. Overall, the combination of poor short-term performance, declining investor interest, and unfavorable financial metrics has contributed to the stock's downward trend.