Sterlite Technologies share price declined over 7% in early trade on Monday, despite gains in the broader stock market today. Extending its losing streak for the six consecutive sessions, the small-cap stock slumped as much as 7.59% to ₹ 105.90 apiece on the BSE. Sterlite Technologies shares have dropped 20% in six sessions.
The fall in Sterlite Technologies share price today comes after the company informed that its US subsidiary has been hit with a $96.5 million penalty by a US District Court.
Prysmian Cables and Systems USA, LLC had filed a complaint in the US District Court, District of South Carolina, Columbia Division, against Stephen Szymanski, an employee of Sterlite Technologies Inc. (STI), the US subsidiary of Sterlite Technologies Ltd, and against STI.
“The Plaintiff alleged that Szymanski violated certain non-compete and confidentiality agreements and disclosed confidential information to STI, thereby providing STI with an alleged unjust competitive advantage. Szymanski and STI denied these allegations and asserted affirmative defenses. Sterlite Technologies Limited is not a party to this dispute and no claims have been made against STL,” Sterlite Technologies said in a regulatory filing on August 29.
On August 9, 2024, following a three week trial, a Jury returned a verdict of $200,000 against Szymanski and $96.5 million against STI. On August 29, 2025, the Court affirmed the verdict but denied Plaintiff’s post-trial motion for prejudgment interest, it added.
“STI believes the judgment is unsupported by the testimony and evidence presented at trial, as well as applicable law, and intends to vigorously pursue all available post-trial remedies, including an appeal,” the company statement said.
However, it added that the matter is sub-judice and given STI intends to file an appeal, the ultimate financial implications, if any, will be assessed on the ultimate resolution of the matter.
Sterlite Technologies Share Price Performance
Sterlite Technologies share price fell 6% in one month, but the smallcap stock has rallied 51% in three months. The stock has surged 70% in six months and has gained 26% on a year-to-date (YTD) basis. Sterlite Technologies shares have risen 11% in one year, but has dropped 13% in two years and 16% in three years.
At 10:05 AM, Sterlite Technologies share price was trading 2.53% lower at ₹111.70 apiece on the BSE.