Why is Thermax falling/rising?

As of 29-Sep, Thermax Ltd. is experiencing a decline in its stock price, currently at Rs 3,134.20, reflecting a decrease of Rs 62.85 or 1.97%. The stock has been underperforming, having fallen consecutively for the last four days, resulting in a total decline of 6.68% during this period. Additionally, it is trading below all its moving averages, indicating a bearish trend. The stock's performance over the past week shows a drop of 4.21%, while its year-to-date performance is down by 23.03%. Despite having a low debt-to-equity ratio and healthy long-term growth in operating profit, the company 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 with the Sensex, which has seen a decline of only 2.18% over the same week. This underperformance against the benchmark highlights the stock's struggles, particularly as it has generated a return of -39.31% over the past year, significantly worse than the Sensex's decline of 6.08% in the same timeframe. The stock's liquidity remains adequate for trading, but falling investor participation, as indicated by a decrease in delivery volume, suggests waning interest among investors, further exacerbating the stock's downward trajectory.