Why is Polycab India falling/rising?

As of 09-Jul, Polycab India Ltd's stock price is currently at 6,704.30, reflecting a decrease of 35.7 points or 0.53%. Today's price summary indicates that the stock's performance is in line with its sector, although it is experiencing a decline in investor participation, with delivery volume falling by nearly 50% compared to the 5-day average. Despite this, the stock has shown strong long-term fundamentals, including a low debt-to-equity ratio and impressive growth in net sales and operating profit. Over the past year, the stock has generated a return of 3.85%, and it has consistently outperformed the BSE500 in the last three annual periods, supported by high institutional holdings.
In the broader market context, Polycab India has underperformed the benchmark Sensex in the short term, with a 1-week return of -0.97% compared to the Sensex's slight gain of 0.15%. While the stock has shown positive returns over the longer term, including a significant 203.86% increase over the past three years, its current valuation appears expensive, with a high price-to-book ratio and a PEG ratio of 3.8. This valuation concern, combined with the recent drop in trading volume, may be contributing to the stock's current downward movement despite its strong fundamentals and market position.