Why is Persistent Sys falling/rising?

As of 17-Jul, Persistent Systems Ltd is experiencing a decline in its stock price, currently at Rs 5,494.50, reflecting a decrease of Rs 95.85 or 1.71%. The stock has underperformed its sector by 0.58% today, having touched an intraday low of Rs 5,475.80, which is a drop of 2.05%. Over the past week, the stock has decreased by 3.13%, and it has shown a significant decline of 9.39% over the past month. Although the company has demonstrated strong long-term fundamentals, including a healthy average return on equity of 20.92% and consistent growth in net sales and operating profit, its current valuation appears expensive with a price-to-book value of 13.6, which may be contributing to the recent price drop.
In the broader market context, the Sensex has declined by 1.12% over the past week, indicating that while Persistent Systems is also falling, it is underperforming relative to the benchmark. The stock's year-to-date performance shows a significant decline of 15.07%, contrasting with the Sensex's gain of 5.27%. Despite high institutional holdings at 51.22% and consistent returns over the last three years, the stock's recent performance reflects investor concerns over its high valuation compared to peers, which may be influencing selling pressure in the market.