Why is Persistent Sys falling/rising?

As of 23-Jul, Persistent Systems Ltd is experiencing a decline in its stock price, currently at Rs 5,605.35, which reflects a decrease of Rs 133.65 or 2.33%. The stock has underperformed its sector by 2.78% today and has been on a consecutive downward trend for the last two days, with a total drop of 2.89% during this period. The stock reached an intraday low of Rs 5,581, indicating significant selling pressure. Over the past month, the stock has decreased by 7.89%, contrasting with a 1.01% increase in the Sensex. Despite a strong long-term performance with a 17.00% return over the past year and a remarkable 208.72% increase over the last three years, the current price movement suggests that short-term factors are negatively impacting investor sentiment.
In the broader market context, while the stock has shown positive returns over longer periods, its recent performance has lagged behind the benchmark, particularly in the short term. The stock's decline is compounded by falling investor participation, as evidenced by a 43.77% drop in delivery volume compared to the five-day average. Although the company boasts strong fundamentals, including a healthy return on equity and consistent growth in net sales and operating profit, it is currently viewed as having an expensive valuation relative to its peers. This combination of high valuation concerns and recent underperformance against the benchmark may be contributing to the stock's current downward trend.