Sterlite Tech shares fall over 7% on this negative development pertaining to its US subsidiary
Published on 01/09/2025 09:52 AM
Sterlite Tech shares fall over 7% on this negative development pertaining to its US subsidiaryIf withheld, the penalty amount of nearly ₹810 crore, amounts to 15.5% of Sterlite Tech's overall market capitalisation, which currently stands at over ₹5,200 crore.By Reema Tendulkar | Hormaz Fatakia September 1, 2025, 9:52:30 AM IST (Published)1 Min ReadShares of Sterlite Technologies Ltd. fell as much as 7% on Monday, September 1, after a negative development pertaining to its subsidiary.
A US jury in South Carolina has ruled in August that Sterlite Technologies' US subsidiary misused trade secrets that belonged to its Italian rival Prysmian.
The case claimed that Stephen Szymanski, a former Prysmian executive, breached non-compete and confidentiality agreements by sharing Prysmian’s confidential information with Sterlite, giving it an unfair advantage.
Sterlite Tech has been ordered to pay $96.5 million or ₹810 crore in damages to Prysmian, for this misappropriation, according to the order.
The company intends to file an appeal and the ultimate financial implications, if any, will be assessed on the final resolution of the matter.
If withheld, the penalty amount of nearly ₹810 crore, amounts to 15.5% of Sterlite Tech's overall market capitalisation, which currently stands at over ₹5,200 crore.
Shares of Sterlite Technologies are trading 6.4% lower on Monday at ₹107.45. The stock is also down a similar quantum on a year-to-date basis.Continue ReadingCheck out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!Tagsshare market todaySterlite TechSterlite Technologies