Why is Zen Technologies falling/rising?

As of 11-Jul, Zen Technologies Ltd is currently priced at 1,858.05, reflecting a decline of 36.7 points or 1.94%. The stock has been experiencing a downward trend, having fallen for the last two consecutive days, resulting in a total return of -4.93% during this period. Additionally, the stock has underperformed in the short term, with a 1-week return of -3.91% compared to the Sensex's decline of only -1.12%. Despite a strong long-term performance, including a 40.79% return over the past year and a remarkable 967.54% increase over three years, the recent price movement is influenced by a combination of factors. The company has demonstrated healthy growth metrics, such as a 166.7% increase in net profit and consistent positive results over the last 13 quarters. However, the stock is perceived as having a very expensive valuation, with a Price to Book Value of 9.9, which may deter some investors.
In the broader market context, the stock's recent performance contrasts sharply with the benchmark, as it has significantly underperformed the Sensex in the short term. While the IT - Software sector has also seen a decline of -2.17%, the overall market sentiment may be affecting investor confidence in Zen Technologies. Furthermore, there has been a noted decrease in institutional investor participation, with a reduction of -1.85% in their stake, which could signal a lack of confidence among more experienced investors. This decline in institutional interest, coupled with the stock's high valuation and recent price drops, suggests that the market is currently cautious about Zen Technologies' short-term prospects despite its strong historical performance.