Why is Waaree Energies falling/rising?

As of 15-Sep, Waaree Energies Ltd is experiencing a decline in its stock price, currently at Rs 3,580.10, which reflects a decrease of Rs 54.4 or 1.5%. The stock has underperformed its sector by 2.9% today and has been on a downward trend for the last two days, resulting in a total drop of 4.25% during this period. Despite touching an intraday high of Rs 3,729.1, the stock also reached a low of Rs 3,556.1. Over the past week, however, Waaree Energies has shown a strong performance with a return of 12.65%, and it has outperformed the benchmark Sensex, which only gained 1.24%. The company has demonstrated solid long-term fundamentals, including a robust average Return on Equity (ROE) of 23.17% and significant growth in net sales and operating profit.
In the broader market context, while Waaree Energies has shown impressive returns over the past month and year-to-date, its recent price movement contrasts with the overall market trend, as the Sensex has only increased by 1.47% in the last month. The stock's recent decline may be attributed to its high valuation, with a Price to Book Value of 10.9, which could deter some investors despite the company's strong fundamentals and increasing institutional participation. The recent drop in price could also reflect profit-taking by investors after a period of strong performance, as the stock has generated a flat return over the past year while profits have significantly increased.