Why is Sai Life falling/rising?

As of 01-Aug, Sai Life Sciences Ltd's stock price is currently at Rs 785.60, reflecting a decline of Rs 23.85 or 2.95%. The stock has been experiencing a consecutive fall over the last two days, with a total drop of 7.02% during this period. Today's trading saw the stock reach an intraday low of Rs 780.85, and the weighted average price indicates that more volume was traded closer to this low. In terms of performance against benchmarks, the stock has underperformed in the short term, with a 1-week return of -6.25% compared to the Sensex's -1.06%. Despite a healthy long-term growth outlook, evidenced by a significant increase in operating profit and strong institutional holdings, the stock's valuation appears expensive with a Price to Book Value of 7.6, which may be contributing to the recent price decline.
In the broader market context, the Pharmaceuticals & Drugs sector has also faced challenges, with a decline of 3.27%, which may be impacting investor sentiment towards Sai Life Sciences Ltd. The stock's performance over the past month shows a slight gain of 0.77%, contrasting with the Sensex's drop of 3.70%, indicating some resilience. However, the falling investor participation, as evidenced by a 42.53% decrease in delivery volume against the 5-day average, suggests a lack of confidence among retail investors. Overall, while the company has strong fundamentals and a solid ability to service debt, the combination of recent price declines, sector performance, and valuation concerns are likely influencing the stock's current downward trajectory.