Why is Novartis India falling/rising?

As of 11-Sep, Novartis India Ltd's stock price is currently at 918.15, reflecting a decrease of 2.65, or 0.29%. The stock has been underperforming, having fallen consecutively for the last two days, resulting in a total decline of 1.27% during this period. It is trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a bearish trend. Despite the company showing healthy long-term growth with a significant annual increase in operating profit and positive results over the last three quarters, the stock's performance has been lackluster, with a year-to-date return of -0.18% and a one-year return of -14.19%. The high price-to-book ratio and low domestic mutual fund holdings suggest that investors may be wary of the stock's valuation.
In the broader market context, Novartis India has underperformed the Sensex, which has gained 1.03% over the past week and 1.17% over the past month, while Novartis has declined by 1.48% and 1.30%, respectively. This trend of underperformance is further emphasized by the stock's negative returns over the past year and three years compared to the broader market indices. The stock's expensive valuation relative to its peers, coupled with a low level of domestic mutual fund investment, indicates a lack of confidence among institutional investors, contributing to its recent price decline.