Shares of Steel Strips Wheels Ltd fell 2% after touching a day’s high of Rs 222.88 on 5th August, despite the company announcing yesterday that it has secured export nominations worth Rs 300 crore from two leading European automotive OEMs for its steel wheel business. These contracts are tied to vehicle programs that will be produced in the European Union and South America.

The company stated that these orders will be executed over five years, with series production scheduled to commence in early 2027 from its Chennai facility. While it did not reveal the names of the OEMs, SSWL confirmed they are among Europe’s top automotive players.

This move is part of SSWL’s strategy to diversify its export base by reducing its reliance on the U.S. market and expanding into key regions, such as the EU and South America. The company also expects more international business in the coming months as part of this de-risking plan.

Currently, the firm’s market capitalisation stands at around Rs 3,419 crore.

At 12:24 PM, the shares of Steel Strips Wheels were trading 2.12% lower at Rs 217.75 on NSE.

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