Why is Thermax falling/rising?

As of 28-Jul, Thermax Ltd. is experiencing a decline in its stock price, currently at 3,713.55, which reflects a decrease of 30.45 points or 0.81%. The stock has been on a downward trend, having fallen consecutively for the last four days, resulting in a total decline of 5.75% during this period. In terms of performance against benchmarks, Thermax has underperformed the Sensex over the past week with a return of -4.60% compared to the Sensex's -1.59%. Despite this, the company has shown a positive return of 10.59% over the past month, indicating some short-term recovery. However, the stock's year-to-date performance remains negative at -8.80%, and it has significantly underperformed over the past year with a decline of -26.49%.
The broader market context shows that while Thermax has a strong institutional holding of 27.77% and a healthy long-term growth rate in operating profit, it has been negatively impacted by flat results in its latest financial report and a high debt-to-equity ratio. The stock's valuation appears expensive with a price-to-book value of 9, and despite a profit increase of 9.1%, the stock has not translated this into positive returns for investors. Additionally, the falling investor participation, as indicated by a 23.93% drop in delivery volume, suggests waning interest among traders. Overall, while the company has solid fundamentals, the recent price movements reflect investor concerns over its performance relative to the market and its own historical returns.