Why is Novartis India falling/rising?

As of 02-Sep, Novartis India Ltd is experiencing a decline in its stock price, currently at 910.55, which reflects a decrease of 24.4 or 2.61%. The stock has underperformed its sector by 2.54% today, touching an intraday low of Rs 908. It is trading below all key moving averages, indicating a bearish trend. Over the past week, the stock has decreased by 1.38%, and it has shown a significant decline of 18.37% over the past year, contrasting with a slight gain of 2.58% in the broader market year-to-date. While the company has reported positive financial results in recent quarters, including a 22.96% growth in PAT, its high valuation metrics, such as a Price to Book Value of 2.9, suggest that the stock may be overpriced relative to its peers.
In the broader market context, Novartis India's short-term performance has lagged behind the benchmark, with a 1-week return of -1.38% compared to the Sensex's -0.78%. This underperformance is compounded by the fact that domestic mutual funds hold only a minimal stake in the company, which may indicate a lack of confidence in its current valuation or business prospects. The stock's long-term performance has also been disappointing, with returns of -18.37% over the past year, further contributing to investor hesitance. Overall, while the company shows potential for growth, its current valuation and recent performance trends are leading to a decline in stock price.