Why is P I Industries falling/rising?

As of 13-Aug, P I Industries Ltd is experiencing a decline in its stock price, currently at Rs 3,780.20, which reflects a decrease of Rs 74.8 or 1.94%. The stock has underperformed its sector by 0.98% today, opening with a loss of 4.02% and reaching an intraday low of Rs 3,700.1. Over the past week, the stock has fallen by 7.48%, while its performance over the last month shows a decline of 6.61%. Despite a healthy long-term growth rate in operating profit and high management efficiency indicated by a return on equity (ROE) of 16.06%, the stock's valuation appears expensive with a price-to-book value of 5.8. Additionally, the company's flat results in the latest quarter, including a significant drop in profit before tax, contribute to the negative sentiment surrounding the stock.
In the broader market context, P I Industries has underperformed relative to the benchmark, with a one-year return of -13.56% compared to the Sensex's positive return of 2.01%. This stark contrast highlights the challenges the company faces in attracting investor confidence, especially given that institutional holdings have increased, suggesting that while some investors may see potential, the overall market sentiment remains cautious. The stock's recent performance, combined with its trading below all key moving averages, indicates a bearish trend that is likely influencing its current price decline.