Why is Max Estates falling/rising?

As of 18-Sep, Max Estates Ltd is currently priced at 461.15, reflecting a decrease of 9.95, or 2.11%. The stock has underperformed its sector today by 2.17% and has experienced a trend reversal after four consecutive days of gains, hitting an intraday low of Rs 458, which is a decline of 2.78%. Over the past week, the stock has shown a return of 4.89%, but it has significantly underperformed the benchmark, with a year-to-date return of -18.80% compared to the Sensex's gain of 6.24%. Despite declaring positive results in the last three quarters, including a higher PAT and net sales, the company faces challenges such as a poor long-term growth outlook and a very expensive valuation, which may be contributing to the stock's recent decline.
In the broader market context, while Max Estates has shown some short-term gains, its long-term performance remains concerning, particularly with a consistent underperformance against the benchmark over the last three years. The stock's returns have lagged behind the BSE500, generating a -21.23% return in the past year. Additionally, the falling investor participation, indicated by a significant drop in delivery volume, suggests a lack of confidence among investors. This combination of factors, including high institutional holdings that may not be translating into positive price movement, indicates that the stock's current decline is influenced by both its internal financial metrics and its relative performance in the market.