On Thursday, shares of Kolkata-based Ramkrishna Forgings Limited fell by 2% after the company announced that approval to supply powertrain components to the USA’s largest electric passenger vehicle manufacturer has been held up.
As of 1:01 pm the shares were trading 1.71% lower at ₹759.35 on NSE.
Although the company did not disclose the name of the vehicle manufacturer in its announcement, sources indicated that it could be Tesla. This announcement comes ahead of tech billionaire Elon Musk’s visit to India, scheduled to meet Prime Minister Narendra Modi.
“The USA’s largest electric passenger vehicle manufacturer grants approval for powertrain components, marking the beginning of a strategic partnership that opens up a realm of exciting opportunities. This landmark approval signifies the company’s position into the electric passenger vehicle segment with a strong emphasis on powertrain components,” the company said in a press release.