Why is Novartis India falling/rising?

As of 24-Sep, Novartis India Ltd is experiencing a decline in its stock price, currently at 892.00, which reflects a decrease of 3.25 or 0.36%. The stock has been underperforming recently, with a consecutive fall over the last three days resulting in a total decline of 1.58%. Additionally, it is trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages. Over the past year, the stock has generated a return of -18.16%, significantly underperforming the benchmark Sensex, which has seen a decline of only 3.77%. Despite showing healthy long-term growth in operating profit and positive results for the last three quarters, the stock's high valuation and low domestic mutual fund participation suggest investor caution.
In the broader market context, Novartis India's short-term performance has been less favorable compared to the Sensex, which has gained 0.50% over the past month while Novartis has declined by 2.41%. This underperformance is compounded by the stock's expensive valuation relative to its peers, as indicated by a Price to Book Value of 2.8 and a PEG ratio of 1.6. The stock's liquidity is adequate, but the low stake held by domestic mutual funds may indicate a lack of confidence in the current price levels. Overall, the combination of declining stock performance, high valuation concerns, and limited institutional interest contributes to the stock's recent downward movement.