Why is Waaree Energies falling/rising?

As of 07-Aug, Waaree Energies Ltd is experiencing a decline in its stock price, currently at Rs 3,170.00, which reflects a decrease of Rs 48.1 or 1.49%. Today's performance indicates that the stock has underperformed its sector by 0.31%, with an intraday low of Rs 3,102.9, marking a drop of 3.58%. Despite this short-term decline, the stock has shown positive returns over the past week and month, with increases of 5.92% and 8.56%, respectively. The company has demonstrated strong long-term fundamentals, including a robust average Return on Equity (ROE) of 23.17% and significant growth in net sales and operating profit. However, the stock's valuation appears expensive with a Price to Book Value of 9.6, which may be contributing to the recent price movement.
In the broader market context, Waaree Energies has outperformed the Sensex over the past week and month, while the benchmark has seen declines of 0.69% and 3.38%, respectively. This suggests that the stock has been relatively resilient compared to the overall market. Additionally, there has been increasing participation from institutional investors, who have raised their stake in the company, indicating confidence in its fundamentals. However, the falling investor participation, as evidenced by a 42.36% drop in delivery volume, could be a concern for the stock's immediate performance. Overall, while the company has strong fundamentals and growth potential, the current price decline may be influenced by market sentiment and valuation concerns.