Why is Thermax falling/rising?

As of 07-Aug, Thermax Ltd. is experiencing a decline in its stock price, currently at Rs 3,336.90, reflecting a decrease of Rs 117.3 or 3.4%. The stock has underperformed its sector by 2.02% today and has been on a downward trend for the last two days, accumulating a total loss of 6.17%. It opened with a loss of 2.03% and reached an intraday low of Rs 3,285, indicating significant selling pressure. The stock's performance over the past week shows a decline of 14.69%, while its year-to-date performance is down 18.05%. Despite having a low debt-to-equity ratio and healthy long-term growth in operating profit, the stock has faced challenges, including flat results in June and a high price-to-book value ratio, which contribute to its expensive valuation.
In the broader market context, Thermax's recent performance contrasts sharply with the benchmark Sensex, which has only declined by 0.69% over the past week. The stock's substantial drop of 23.99% over the past year further highlights its underperformance compared to the market, which has seen a slight increase of 1.45% during the same period. This significant disparity suggests that investor sentiment towards Thermax is negative, compounded by falling investor participation and lower trading volumes. The company's high institutional holdings indicate that while it has strong backing, the current market conditions and recent financial results have led to a lack of confidence among investors, resulting in the stock's continued decline.