Why is Waaree Energies falling/rising?

As of 19-Nov, Waaree Energies Ltd is experiencing a decline in its stock price, currently at Rs 3,175.10, which reflects a decrease of Rs 108.05 or 3.29%. The stock has underperformed its sector by 2.57% today and has been on a downward trend for the last three days, accumulating a total loss of 5.15% during this period. It opened with a significant gap down of 5.55% and reached an intraday low of Rs 3,085, marking a 6.04% drop. Over the past week, the stock has decreased by 5.41%, and over the past month, it has fallen by 10.21%, contrasting with the Sensex, which has gained 0.85% and 1.47% respectively during those periods. Despite these short-term declines, the company has shown strong long-term fundamentals, with a healthy average return on equity of 23.53% and significant growth in net sales and operating profit.
In the broader market context, while Waaree Energies has faced short-term challenges, it has outperformed the benchmark index over the year-to-date with a return of 11.22% compared to the Sensex's 9.02%. The recent decline may be attributed to its high valuation, as indicated by a price-to-book ratio of 8, despite strong profit growth. Additionally, the increase in institutional investor participation, which has risen by 3.64% over the previous quarter, suggests a positive outlook from more sophisticated investors, potentially stabilizing the stock in the long run. However, the current price movement reflects market reactions to recent performance and valuation concerns, overshadowing the company's strong fundamentals and growth potential.