Why is Redtape falling/rising?

As of 22-Jul, Redtape Ltd's stock price is currently at Rs 133.20, reflecting a decrease of Rs 1.7 or 1.26%. The stock has been on a downward trend, having underperformed its sector by 0.55% today and experiencing a consecutive decline over the last five days, resulting in a total drop of 4.07%. The stock's performance over the past year shows a significant underperformance with a return of -24.65%, despite a 9% increase in profits. Additionally, the stock's return on capital employed (ROCE) has decreased to 17.1, indicating an expensive valuation relative to its capital employed. The falling investor participation, with a delivery volume drop of 44.37% against the five-day average, further suggests a lack of confidence among investors.
In the broader market context, Redtape's short-term performance has been notably weaker than the benchmark, with a 1-week return of -4.07% compared to the Sensex's decline of only 0.47%. This consistent underperformance against the benchmark over the last three years highlights a troubling trend for the stock. While the company has shown healthy long-term growth in net sales and operating profit, the high PEG ratio of 5 and the lowest operating profit to interest ratio at 5.02 times raise concerns about its valuation and profitability relative to its peers. Overall, these factors contribute to the stock's current decline amidst a challenging market environment.