Sterlite Technologies Limited has informed the Exchange about Update on pending dispute under Regulation 30 of the SEBI (Listing Obligations and DisclosureRequirements) Regulations, 2015
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Sterlite Technologies' U.S. subsidiary, Sterlite Technologies Inc. (STI), has faced an adverse ruling in a lawsuit filed by Prysmian Cables and Systems USA in the U.S. District Court of South Carolina. The case relates to alleged non-compete and confidentiality violations by an STI employee. Following a three-week trial, a jury on August 9, 2024 returned a verdict of USD 200,000 against the employee and USD 96.5 million against STI. On August 29, 2025, the Court affirmed the verdict, though it denied the plaintiff's request for pre-judgment interest. STI maintains the judgment is unsupported and plans to appeal. STL (the Indian listed entity) is not a party to the dispute and no claims have been made against it.
The $96.5 million verdict against the US subsidiary is a material adverse development for the group, but the listed Indian entity is not directly a party. Since STI intends to appeal, the ultimate financial impact remains uncertain. Investors should watch for further updates on the appeal and any potential provisioning or liability crystallisation.