Bank of Baroda shares declined 3% in morning trade on the BSE on Wednesday, 14 October, a day after NMC Healthcare’s B.R. Shetty filed a lawsuit against the bank. Bank of Baroda share price opened at ₹235.95 against its previous close of ₹237.60 and dropped 3% to an intraday low of ₹230.45.
B.R. Shetty seeks $15 billion from Bank of Baroda
As Mint reported, Bavaguthu Raghuram Shetty, the founder of NMC Healthcare and UAE Exchange, has approached the Bombay High Court (HC) seeking $15 billion in damages from Bank of Baroda and several of its officials, alleging that they helped facilitate transactions linked to the financial fraud that led to the collapse of his business empire.
According to the filing seen by Mint, the suit names 26 defendants, including the bank, 10 of its officials, former NMC executives Prasanth Manghat and Promoth Manghat, their associates, and two Indian companies, Avitis Super Speciality Hospitals Pvt. Ltd and SMARD Building Solutions Pvt. Ltd.
Notably, in July, Bank of Baroda settled a legal battle with Abu Dhabi-based businessman BR Shetty for $600 million.
On 28 December 2020, the bank informed the Reserve Bank of India (RBI) of an alleged fraud committed by Shetty in the loan account of group company UAE Exchange Centre and said it had started a forensic audit after “adverse media reports on the BR Shetty Group accounts.”
Bank of Baroda’s take on lawsuit
In an exchange filing on 14 October 2026, Bank of Baroda said it had seen media reports of a suit said to have been filed by Bavaguthu Raghuram Shetty in the Bombay High Court on 13 October 2026. However, the bank emphasised that it had not been served with such a suit and cannot comment on the contents of pleadings which are untested in court.
The bank said it will defend the suit firmly, if an when served, and take all steps necessary to protect its interests.
Bank of Baroda share price trend
The banking stock is down 16% in last six months even as the BSE Bankex index is almost flat for the period. It recently hit a 52-week low of ₹223.90 on 29 September after hitting a 52-week high of ₹325.55 on 26 February this year.
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