Archive · 1 Sep 2025
Sterlite Tech Shares Plunge After US Subsidiary Penalty
Sterlite Technologies' US arm was ordered to pay a large fine because a court said they used secret information from another company, Prysmian.
This information gave Sterlite an unfair advantage.
Because of this, Sterlite's stock price dropped.
The company said they would fight the ruling.
The parent company was not involved directly in the case.
The stock is now under extra monitoring by regulators.
Sterlite Technologies shares fell over 7% following the announcement of a US court ruling.
A US jury found Sterlite Tech's US subsidiary, STI, misused Prysmian's trade secrets.
STI was ordered to pay $96.5 million in damages to Prysmian.
The case involved a former Prysmian employee sharing confidential information with STI.
The stock is placed under the long-term Additional Surveillance Measure (ASM) framework.
- Who
- Sterlite Technologies Ltd. (STL) and its US subsidiary, Sterlite Technologies Inc. (STI), and Prysmian Cables and Systems USA, LLC
- What
- A US jury ordered STI to pay $96.5 million in damages to Prysmian.
- When
- August 9, 2024 (verdict); August 29, 2025 (court upheld verdict).
- Where
- US District Court, District of South Carolina, Columbia Division.
- Why
- STI was found to have misused Prysmian's trade secrets, with a former Prysmian employee sharing confidential information.
- Company
- Sterlite Technologies Ltd.
- Subsidiary
- Sterlite Technologies Inc. (STI)
- Plaintiff
- Prysmian Cables and Systems USA, LLC
- Verdict
- Misuse of trade secrets
- Damages
- $96.5 million
- Stock Drop
- 7.59%
- ASM Status
- Long-term Additional Surveillance Measure
