Why is P I Industries falling/rising?

As of 26-Aug, P I Industries Ltd's stock price is currently at Rs 3,792.10, reflecting a decline of Rs 116.45 or 2.98%. Today's performance indicates that the stock has underperformed its sector by 1.22%, with an intraday low of Rs 3,773.65, marking a decrease of 3.45%. Over the past week, the stock has shown a slight increase of 0.24%, but it has experienced a more significant decline of 7.55% over the past month and 13.89% over the last year. Despite a high management efficiency indicated by a return on equity (ROE) of 16.06% and a low debt-to-equity ratio, the stock's valuation appears expensive with a price-to-book value of 5.7. The company has also faced flat results in its latest quarterly report, contributing to investor concerns about its profitability, which has decreased by 7.8% over the past year.
In the broader market context, P I Industries has underperformed against the benchmark, with the Sensex declining by 1.05% over the past week and 0.83% over the past month. While the stock has shown some resilience with a year-to-date return of 2.88%, it still lags behind the Sensex's 3.39% return. The consistent underperformance against the benchmark over the last three years, coupled with a decline in profits and flat operating cash flow, has likely contributed to the negative sentiment surrounding the stock. Although there is rising investor participation, as evidenced by a 22.15% increase in delivery volume, the overall outlook remains cautious due to the company's recent financial performance and valuation concerns.