Why is Religare Enterp. falling/rising?

As of 03-Jul, Religare Enterprises Ltd is experiencing a decline in its stock price, currently at 222.30, which represents a decrease of 3.2 points or 1.42%. The stock has underperformed its sector by 1.19% today and has fallen after two consecutive days of gains. It is trading below all key moving averages, indicating a bearish trend. Over the past week, the stock has decreased by 0.85%, while it has seen a more significant decline of 19.12% year-to-date, contrasting with the Sensex's positive return of 6.53% during the same period. Although the company has demonstrated strong long-term fundamental strength with a 94.85% CAGR growth in operating profits, the stock's recent performance has been hampered by an expensive valuation, reflected in a low return on equity (ROE) of 5 and a price-to-book value of 2.9.
In the broader market context, Religare Enterprises Ltd has underperformed the market significantly over the past year, generating a return of -9.82% compared to the BSE500's positive return of 2.20%. This underperformance is compounded by a decrease in investor participation, as evidenced by a 1.49% drop in delivery volume against the five-day average. While there is rising promoter confidence with a 25.67% increase in stake, the stock's valuation concerns and recent negative returns have overshadowed these positive signals, contributing to its current downward trajectory.