Why is Waaree Energies falling/rising?

As of 23-Jun, Waaree Energies Ltd is experiencing a decline in its stock price, currently at Rs 2,927.45, reflecting a decrease of Rs 55.9 or 1.87%. Today's performance indicates that the stock has underperformed its sector by 7.65%, with an intraday low of Rs 2,916.75. Despite this decline, Waaree Energies has shown positive returns over the past week and month, with increases of 1.38% and 5.82%, respectively. The company has demonstrated strong long-term fundamentals, including a healthy average Return on Equity (ROE) of 23.17% and significant growth in net sales and operating profit. However, the stock is perceived as very expensive with a high Price to Book Value ratio of 20.5, and there has been a slight decrease in institutional investor participation, which may contribute to the current price movement.
In the broader market context, Waaree Energies' short-term performance has outpaced the benchmark Sensex over the past week and month, which saw minimal gains of 0.12% and 0.22%, respectively. However, the overall market sentiment in the renewable energy sector remains positive, with a sector gain of 5.76%. This suggests that while the stock is facing specific challenges, such as high valuation and reduced institutional interest, the broader market conditions are relatively favorable for the sector.