Yes it can be an axle nut. I had one come loose on my C6 and ordered a new one. When I got it the method of manufacture was a poor manner of making a lock nut. This nut is large and made even bigger with its flange. To upset the threads they, (India) coined opposing flats. Common practice but not on a flange that large as it leaves a locking face that is not flat with only two points of contact. I didn't use the new one because it was just a bad as the one that came lose. Instead I chucked it up, indicated the face to the threads and cut the flange face flat. Lockup to the required torque was very positive unlike the new one. That's how I left it many years back and have had no problem with it coming lose again. I had the click show up when backing up and changing from reverse to 1st, not by letting off the accelerator.
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