Why is Redington falling/rising?

As of 31-Jul, Redington Ltd is experiencing a decline in its stock price, currently at 250.15, which reflects a decrease of 15.25 points or 5.75%. The stock has underperformed its sector by 2.03% today and has been on a consecutive downward trend for the last two days, resulting in a total loss of 13.38% during this period. It opened with a significant gap down of 3.47% and reached an intraday low of Rs 248, indicating a challenging trading day. Over the past week, the stock has seen a substantial decline of 17.09%, and while it has performed well year-to-date with a gain of 25.17%, it has also faced a notable drop of 24.09% over the past month.
In the broader market context, the Sensex has only declined by 1.22% over the past week, highlighting that Redington's short-term performance is significantly worse than the benchmark. Despite its strong long-term fundamentals, including a 15.86% CAGR growth in operating profits and high institutional holdings at 79.29%, the stock's recent performance has been negatively impacted by flat results in June and a decrease in profits of 6.7% over the past year. The company's ability to service debt remains strong, but the recent declines in profitability metrics, such as a 31.2% drop in PBT, have raised concerns among investors, contributing to the stock's current downward trajectory.