Why is Sai Life falling/rising?

As of 31-Jul, Sai Life Sciences Ltd's stock price is currently at Rs 809.45, reflecting a decline of Rs 35.5 or 4.2%. The stock has underperformed its sector by 2.71% today, following a trend reversal after two consecutive days of gains. It reached an intraday low of Rs 802.05, indicating a drop of 5.08%. In terms of performance over the past week, the stock has decreased by 1.94%, while it has shown a positive return of 3.83% over the past month. Despite a strong ability to service debt and healthy long-term growth, the stock's valuation appears expensive with a Price to Book Value of 7.8, which may be contributing to the recent decline.
Broader market context shows that the Sensex has also faced a slight decline of 1.22% over the past week, indicating a challenging environment for stocks in general. However, Sai Life's performance over the year-to-date remains strong at 7.75%, outperforming the Sensex's 3.90% return. The high institutional holdings at 36.22% suggest confidence from larger investors, but the falling investor participation, with a significant drop in delivery volume, may indicate waning interest among retail investors, further pressuring the stock price.