Why is Waaree Renewab. falling/rising?

As of 31-Oct, Waaree Renewable Technologies Ltd is experiencing a decline in its stock price, currently at 1,241.30, which reflects a decrease of 15.05 points or 1.2%. The stock has been underperforming, having fallen consecutively for the last four days, resulting in a total decline of 6.77% during this period. Despite touching an intraday high of Rs 1308 earlier in the day, the stock's performance today has been characterized by lower trading volumes, with delivery volumes dropping by 50.57% compared to the five-day average. Over the past year, the stock has significantly underperformed the market, generating a return of -17.99% while the broader market (BSE500) has returned 4.13%. Although the company has shown strong financial results, including a 117.38% growth in net profit and consistent positive results over the last 17 quarters, its high valuation metrics and low domestic mutual fund ownership may be contributing to investor hesitance.
In the broader market context, while Waaree Renewable Technologies has outperformed the benchmark in the short term with a 1-week return of +0.31% compared to the Sensex's -0.32%, its longer-term performance remains concerning. The stock's year-to-date return of -7.56% starkly contrasts with the Sensex's positive return of 7.42%. This underperformance, coupled with a relatively high Price to Book Value ratio and low return on equity, suggests that investors may be cautious about the stock's valuation despite its strong growth metrics. The overall market sentiment appears to be weighing on the stock, leading to its current downward trend.