Why is Polycab India falling/rising?

As of 08-Aug, Polycab India Ltd's stock price is currently at Rs 6,752.90, reflecting a decline of Rs 115.7 or 1.68%. Today's performance indicates that the stock has underperformed its sector by 1.26%, with an intraday low of Rs 6,719.65, marking a drop of 2.17%. Over the past week, the stock has shown a modest gain of 0.81%, but it has experienced a year-to-date decline of 7.13%. Despite strong long-term fundamentals, including a low debt-to-equity ratio and significant growth in net sales and operating profit, the stock's valuation appears expensive compared to its peers, contributing to its recent price decline. Additionally, a notable drop in investor participation, with delivery volume falling by 60.81% against the 5-day average, may also be impacting the stock's performance.
In the broader market context, Polycab India's short-term performance contrasts with the benchmark Sensex, which has declined by 0.92% over the past week. While the stock has outperformed the Sensex over the last three years with a return of 186.10% compared to the benchmark's 35.69%, its current struggles reflect a challenging market environment. The company's high institutional holdings of 23.05% suggest confidence among larger investors, but the stock's premium valuation and recent underperformance may be causing caution among retail investors.