Sterlite Technologies’ US subsidiary faces $96.5-million penalty in Prysmian verdict
Published on 29/08/2025 08:43 PM
Sterlite Technologies’ US subsidiary faces $96.5-million penalty in Prysmian verdictThe case involved allegations against Sterlite Technologies Inc and its employee, Stephen Szymanski, over violations of non-compete and confidentiality agreements. Prysmian claimed that Szymanski disclosed confidential information to STI, giving it an alleged unjust competitive advantage. Shares of Sterlite Technologies Ltd ended at ₹114.55, down by ₹6.20 or 5.13%, on the BSE today (August 29).By Jomy Jos Pullokaran August 29, 2025, 8:43:02 PM IST (Published)2 Min ReadData network solutions provider Sterlite Technologies Limited on Friday (August 29) said its US subsidiary, Sterlite Technologies Inc (STI), has been ordered to pay $96.5 million by a US District Court in South Carolina following litigation initiated by Prysmian Cables and Systems USA, LLC.
The case involved allegations against STI and its employee, Stephen Szymanski, over violations of non-compete and confidentiality agreements. Prysmian claimed that Szymanski disclosed confidential information to STI, giving it an alleged unjust competitive advantage.
Szymanski and STI denied the allegations and asserted affirmative defences. Sterlite Technologies Limited (STL) clarified that it is not a party to the dispute, and no claims have been made against STL.
Also Read: STL Q4FY25: Sterlite Tech net loss narrows to ₹40 crore; Revenue up 25% YoY
On August 9, 2024, after a three-week trial, a jury awarded damages of $200,000 against Szymanski and $96.5 million against STI. On August 29, 2025, the court affirmed the verdict while denying Prysmian’s post-trial motion for prejudgment interest.
STI said it believes the judgment is unsupported by the testimony, evidence, and applicable law, and intends to vigorously pursue all available post-trial remedies, including an appeal. The company added that the matter is sub-judice and the financial implications, if any, will be determined upon ultimate resolution.
Shares of Sterlite Technologies Ltd ended at ₹114.55, down by ₹6.20, or 5.13%, on the BSE today (August 31).
Also Read: Sterlite Tech shares are up 40% in the last two trading sessions; Here's whyContinue Reading(Edited by : Shoma Bhattacharjee)Check 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 Technologies