Why is Zen Technologies falling/rising?

As of 14-Jul, Zen Technologies Ltd's stock price is currently at Rs 1,824.80, reflecting a decrease of Rs 33.25 or 1.79%. The stock has been underperforming, having fallen consecutively for the last three days, resulting in a total decline of 6.63% during this period. Today's trading saw the stock touch an intraday low of Rs 1,810, and it has been trading with higher volume closer to this low price. Despite a healthy long-term growth trajectory, with net sales and operating profit increasing significantly, the stock's recent performance has been negatively impacted by a decrease in institutional investor participation, which has fallen by 1.85% in the previous quarter. This decline in institutional interest may signal concerns about the stock's valuation, which is considered expensive with a Price to Book Value of 9.7, despite the company’s strong earnings growth.
In the broader market context, Zen Technologies has underperformed the Sensex, with a one-week return of -5.82% compared to the benchmark's -1.42%. Over the past month, the stock has also declined by 7.63%, while the Sensex has gained 1.40%. This stark contrast highlights the stock's struggles in the short term, despite its impressive long-term performance, including a 40.53% return over the past year and a staggering 970.89% return over the last three years. The ongoing decline in stock price amidst rising investor participation in terms of delivery volume suggests that while retail interest may be increasing, the lack of confidence from institutional investors could be weighing heavily on the stock's current valuation and performance.