Sterlite Tech drops as US subsidiary faces $96.5 mn verdict in litigation

Sterlite Technologies Ltd (STL) fell 4.10% to Rs 109.90 after the company updated exchanges on an adverse litigation outcome involving its US arm.

The dispute stems from a case filed by Prysmian Cables and Systems USA against Stephen Szymanski, an employee of Sterlite Technologies Inc (STI), and STI itself in the US District Court, South Carolina. The plaintiff alleged violations of non-compete and confidentiality agreements, claiming that confidential information was disclosed to STI, giving it an unfair competitive advantage.

While STL itself is not a party to the dispute, a jury in August 2024 awarded $200,000 against Szymanski and $96.5 million against STI. On 29 August 2025, the court affirmed this verdict but denied the plaintiffs plea for pre-judgment interest.

STI maintains that the judgment is unsupported by trial evidence and law, and said it will vigorously pursue post-trial remedies, including an appeal. The company added that financial implications, if any, will depend on the ultimate resolution of the case.

Sterlite Technologies is a global optical and digital solutions company providing offerings to build 5G, rural, FTTx, enterprise and data centre networks.

On a consolidated basis, Sterlite Technologies reported net profit of Rs 10 crore in Q1 June 2025 as against net loss of Rs 48.00 crore in Q1 June 2024. Net sales rose 16.86% YoY to Rs 1019 crore in Q1 June 2025.

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