Sterlite Technologies shares tumble 8% as US arm gets $96.5 million penalty; details here

Shares of Sterlite Technologies Ltd slumped in Monday's early session, dropping 7.59 per cent to a low of Rs 105.90. Both BSE and NSE have placed the stock under the long-term Additional Surveillance Measure (ASM) framework, a regulatory mechanism exchanges use to caution investors about heightened volatility.

The sharp fall followed the company's disclosure on Friday that its US subsidiary, Sterlite Technologies Inc (STI), has been directed by a US District Court in South Carolina to pay $96.5 million in damages to Prysmian Cables and Systems USA, LLC.

The case centred on allegations that STI and its employee, Stephen Szymanski, breached non-compete and confidentiality agreements. Prysmian claimed that Szymanski shared confidential information with STI, giving it an alleged unfair competitive edge.

Both STI and Szymanski denied the charges and asserted defences. Sterlite Technologies Ltd (STL) clarified it was not a party to the litigation and that no claims were made against the parent company.

After a three-week trial, the jury on August 9, 2024, awarded $200,000 in damages against Szymanski and $96.5 million against STI. On August 29, 2025, the court upheld the verdict while rejecting Prysmian's plea for prejudgment interest.

STI stated that it believes the ruling is inconsistent with evidence and law, and it plans to pursue all available post-trial remedies, including an appeal. The company noted the case remains sub judice and financial implications, if any, will depend on the final outcome.

Meanwhile, promoters held a 44.40 per cent stake in domestic entity Sterlite Tech.