Why is Multi Comm. Exc. falling/rising?

As of 07-Jul, Multi Commodity Exchange of India Ltd is experiencing a decline in its stock price, currently at Rs 8,745.25, reflecting a decrease of Rs 129.95 or 1.46%. The stock has underperformed its sector today, with a consecutive fall over the last two days resulting in a total decline of 2.85%. Despite this recent downturn, the stock has shown strong performance over the longer term, with a remarkable increase of 119.50% over the past year and a 567.47% rise over the last three years. However, the stock is currently 4.17% away from its 52-week high and has seen a drop in investor participation, with delivery volume decreasing by 20.38% compared to the five-day average.
In the broader market context, the stock's short-term performance has been notably weaker than the benchmark, with a 1-week return of -2.16% compared to the Sensex's -0.20%. This underperformance may be attributed to its high valuation metrics, including a Price to Book Value of 23.7, which suggests that the stock is expensive relative to its peers. Despite its strong fundamentals, including a high Return on Equity and consistent growth in net sales and operating profit, the recent price movement indicates a cautious sentiment among investors, possibly influenced by the declining delivery volumes and the stock's recent performance relative to the market.