Why is Piccadily Agro falling/rising?

As of 08-Jul, Piccadily Agro Industries Ltd is experiencing a decline in its stock price, currently at Rs 593.85, which represents a decrease of Rs 12.15 or 2.0%. The stock has underperformed its sector by 1.08% today and has fallen after two consecutive days of gains. It reached an intraday low of Rs 585.3, indicating a drop of 3.42%. Over the past week, the stock has decreased by 4.48%, and its year-to-date performance shows a significant decline of 34.71%. While the company has reported healthy long-term growth with an annual operating profit increase of 43.07%, it is facing challenges such as a high PEG ratio of 3.2 and a very expensive valuation relative to its return on capital employed (ROCE) of 17.4. Additionally, domestic mutual funds hold no stake in the company, which may reflect a lack of confidence in its current valuation.
In the broader market context, the stock has underperformed the benchmark, with the BSE500 generating a return of 1.98% over the past year, while Piccadily Agro has seen a negative return of 21.55%. This underperformance, coupled with a decline in investor participation—evidenced by an 18% drop in delivery volume compared to the five-day average—suggests a lack of market confidence. The stock's performance today and its overall trend indicate that investors may be reacting to the company's flat results and high valuation concerns, leading to a cautious outlook in the market.