Sterlite Tech Shares Fall After $96.5M US Court Ruling

Sterlite Technologies Ltd. (STL) saw its shares drop over 3% in early trading following a US court’s affirmation of a $96.5 million verdict against its US subsidiary. The lawsuit, filed by Prysmian Cables and Systems USA, LLC, alleges that Sterlite Tech Inc. and its employee, Stephen Szymanski, breached non-compete and confidentiality agreements, giving STL an unfair competitive edge. The South Carolina jury awarded $200,000 against Szymanski and $96.5 million against Sterlite Tech Inc., with the court upholding the verdict on August 29, 2025, but denying pre-judgment interest. STL has denied the allegations, stating it is not a party to the dispute and no claims were made directly against the parent company. The company plans to appeal the ruling.