Why is P I Industries falling/rising?

As of 23-Sep, P I Industries Ltd is experiencing a decline in its stock price, currently at 3,627.60, reflecting a decrease of 38.6 points or 1.05%. The stock has been on a downward trend, having lost 2.69% over the last two days and showing negative returns of 2.71% over the past week and 6.08% over the past month. It is trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a bearish sentiment. Additionally, investor participation has decreased significantly, with delivery volume falling by 41.68% compared to the 5-day average. 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 performance has been hindered by flat operating results and a significant decline in profits over the past year.
In the broader market context, P I Industries has underperformed against the benchmark, with a 1-year return of -22.70% compared to the Sensex's decline of only 3.33%. The stock's consistent underperformance over the last three years further exacerbates investor concerns, as it has generated negative returns while the benchmark has shown resilience. Although the company has a substantial market cap and high institutional holdings, the recent flat results and high valuation metrics have led to a lack of confidence among investors, contributing to the stock's current downward trajectory.