Why is Poly Medicure falling/rising?

As of 31-Jul, Poly Medicure Ltd's stock is currently priced at 1,949.20, reflecting a decrease of 45.9 points or 2.3%. Today, the stock underperformed its sector by 0.38% and opened with a loss of 3.25%, reaching an intraday low of Rs 1930.2. The stock has been on a downward trend, having fallen after two consecutive days of gains, and is trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages. Over the past week, the stock has declined by 5.84%, and it has also seen a significant drop of 14.47% over the last month. Despite positive financial results over the last 11 quarters and a low debt-to-equity ratio, the stock's high valuation, indicated by a Price to Book Value of 7.1, may be contributing to its recent decline.
In the broader market context, Poly Medicure's performance has been notably weaker than the benchmark Sensex, which has only declined by 1.22% over the past week. The medical equipment sector, in which Poly Medicure operates, has also experienced a downturn, falling by 2.13%. The stock's liquidity appears adequate, but a decrease in investor participation, as evidenced by a 16.16% drop in delivery volume, suggests waning interest. While the company has shown consistent returns over the past three years and maintains a significant market share, its current high valuation relative to peers may be prompting investors to sell, leading to the stock's recent price decline.