Innova Captab shares have extended their losing streak for the sixth consecutive session, shedding nearly 18% during this period. This decline mirrors growing concerns about market overvaluation and potential corrections, as flagged by multiple analysts. Despite the recent slump, the company announced a major milestone – the commencement of commercial production at its advanced manufacturing facility in Kathua, Jammu. This new facility, established with an investment of over ₹450 crores. The addition brings Innova Captab’s total manufacturing facilities to five, housing nine separate blocks. The company also stands to benefit from the Central Government’s ‘New Central Sector Scheme,’ which provides attractive incentives like a 6% annual Capital Interest Subvention and a GST-linked incentive worth 300% of the plant and machinery investment over 10 years. Despite this positive update, Innova Captab shares fell over 4% in today’s trading, opening at ₹1,059.30 on the BSE before hitting an intraday low of ₹996.65. From its IPO price of ₹448, the stock has delivered a remarkable 124% return, earning its status as a multibagger. However, after peaking at ₹1,260, the stock has entered a corrective phase, forming a Bearish Engulfing pattern last week. This technical indicator, coupled with a negative RSI crossover, signals waning bullish momentum and a shift to bearish sentiment.