Why is Rajoo Engineers falling/rising?

As of 01-Aug, Rajoo Engineers Ltd is currently priced at 107.70, reflecting a decrease of 2.9, or 2.62%. The stock has been underperforming, having fallen consecutively for the last two days, resulting in a total decline of 3.15% during this period. It has also underperformed its sector by 1.31%. The stock is trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a bearish trend. Despite the company reporting strong financial growth, including a 168.91% increase in net profit and positive results for the last nine consecutive quarters, the stock has significantly underperformed in the past year, with a return of -54.60% compared to the benchmark's -1.55%. The high valuation metrics, such as a Price to Book Value of 11.8, further contribute to investor hesitation.
In the broader market context, Rajoo Engineers has shown a stark contrast to the benchmark returns, particularly over the past year, where it has declined substantially while the Sensex has only dipped slightly. The stock's short-term performance of -6.35% over the past week is significantly worse than the Sensex's decline of -1.06%. This underperformance, coupled with falling investor participation and a decrease in delivery volume, suggests a lack of confidence among investors. Although the company has a low debt-to-equity ratio and has demonstrated healthy long-term growth, the combination of high valuation and recent price movements indicates a challenging environment for the stock.