Why is Newgen Software falling/rising?

As of 24-Jul, Newgen Software Technologies Ltd is experiencing a decline in its stock price, currently at Rs 871.45, which reflects a decrease of Rs 12.4 or 1.4%. The stock has been on a downward trend, losing value for the last six consecutive days and showing a significant drop of 20.32% during this period. Additionally, the stock's performance over the past week and month has been poor, with returns of -15.10% and -22.55%, respectively. It is trading below all its moving averages, indicating a bearish trend. Despite a high management efficiency with a return on equity (ROE) of 19.71% and a healthy long-term growth rate in operating profit, the stock's valuation appears expensive with a price-to-book value of 8.1, contributing to its recent decline.
Broader market context shows that while the Sensex has remained relatively stable with a slight decline of 0.09% over the past week, Newgen Software has significantly underperformed, particularly over the past year with a return of -19.84% compared to the market's positive return of 2.54%. This underperformance is compounded by the company's low PBDIT and operating profit margins, which are at their lowest levels. Although there has been a rise in investor participation, as indicated by a 109.23% increase in delivery volume, the overall sentiment remains negative due to the stock's expensive valuation and recent financial performance, leading to a lack of confidence among investors.