Why is Thermax falling/rising?

As of 20-Aug, Thermax Ltd. is experiencing a decline in its stock price, currently at Rs 3,235.15, which represents a decrease of Rs 72.35 or 2.19%. The stock has underperformed its sector by 1.82% today and has fallen after two consecutive days of gains. It touched an intraday low of Rs 3,225.5, reflecting a 2.48% drop. Over the past week, the stock has decreased by 1.86%, and its performance over the last month shows a significant decline of 17.07%. Despite a healthy long-term growth rate in operating profit of 35.85% and a low debt-to-equity ratio, the stock's recent performance has been hampered by flat results in June, a high price-to-book value ratio, and a negative return of 26.31% over the past year.
In the broader market context, the Sensex has risen by 1.64% over the past week, contrasting sharply with Thermax's decline. This underperformance is further highlighted by the company's returns, which have lagged behind the benchmark indices over various periods, including a 20.55% drop year-to-date compared to a 4.76% increase in the Sensex. The falling investor participation, as indicated by a 32.07% decrease in delivery volume, suggests waning interest in the stock, contributing to its downward trend. Overall, while Thermax has strong fundamentals, the recent negative performance and broader market gains indicate a challenging environment for the stock.