Why is Novartis India falling/rising?

As of 23-Sep, Novartis India Ltd is experiencing a decline in its stock price, currently at 894.00, reflecting a decrease of -2.4 or -0.27%. The stock has been losing value for the last two days, with a total drop of -1.36% 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 a healthy operating profit growth rate of 61.43% and positive results over the last three quarters, the stock has underperformed significantly, with a -16.53% return over the past year compared to a -3.33% return for the Sensex. Additionally, the stock's expensive valuation, reflected in a Price to Book Value of 2.8, may deter investors, especially given the low domestic mutual fund ownership of only 0.01%.
In the broader market context, Novartis India's short-term performance has been worse than the benchmark, with a -0.87% return over the past week compared to the Sensex's -0.34%. This underperformance is compounded by the stock's long-term struggles, as it has lagged behind the BSE500 over the last three years, one year, and three months. The combination of a high PEG ratio of 1.6 and a low return on equity of 13.1 further suggests that the stock may be overvalued, contributing to investor hesitation. Overall, the stock's recent decline can be attributed to a mix of poor short-term performance, high valuation concerns, and a lack of confidence from domestic mutual funds.