Why is Patanjali Foods falling/rising?

As of 28-Jul, Patanjali Foods Ltd is experiencing a decline in its stock price, currently at Rs 1,863.35, reflecting a decrease of Rs 17.6 or 0.94%. The stock has been underperforming, having fallen consecutively for the last four days, resulting in a total decline of 3.94% during this period. Despite this recent downturn, the stock has shown strong performance over the longer term, with a 13.38% increase over the past month and an impressive 72.01% rise over the last three years. The company has demonstrated solid financial health, with a low Debt to EBITDA ratio of 0.95 times and consistent growth in net sales and operating profit. However, the stock's valuation appears expensive relative to its peers, and recent reductions in promoter stake may signal waning confidence in the company's future.
In the broader market context, the stock has outperformed the benchmark Sensex over various periods, including a 1-year return of 11.51% compared to the benchmark's decline of 0.54%. However, in the short term, the stock has underperformed the sector by 1.05% today. While the overall market has faced challenges, Patanjali Foods has managed to generate positive returns, indicating resilience despite recent price pressures. The combination of strong financial results and market-beating performance contrasts with the concerns regarding high valuations and reduced promoter confidence, contributing to the current stock price movement.