Why is Paras Defence falling/rising?

As of 07-Jul, Paras Defence and Space Technologies Ltd is experiencing a decline in its stock price, currently at Rs 884.55, which reflects a decrease of Rs 48.95 or 5.24%. Today's price summary indicates that the stock has underperformed its sector by 2.78% and has fallen after four consecutive days of gains. The stock touched an intraday low of Rs 858.6, marking a significant drop of 8.02%. Despite a strong performance in the past year, with a return of 14.47%, the stock is currently trading below its moving averages across various timeframes, suggesting a bearish trend. The company's recent financial results have shown positive growth, including a 49.78% increase in net profit, but the high valuation metrics, such as a Price to Book Value of 11.1, may be contributing to investor caution.
In the broader market context, the stock has outperformed the Sensex over the past week and month, with returns of 10.16% and 7.44%, respectively, while the Sensex has seen a slight decline of 0.20% and a modest increase of 1.53%. However, the defence sector overall has fallen by 2.47%, which may be influencing the stock's performance. The rising investor participation, indicated by a significant increase in delivery volume, suggests that there is still interest in the stock despite its current decline. The combination of high volatility and the stock trading at a premium compared to its peers could be causing uncertainty among investors, leading to the recent price drop.