Bank of Baroda SHARES FALL 3 PERCENT IN EARLY TRADE

Bank of Baroda shares fell 3 percent in early trade on Wednesday, making the public sector lender the biggest loser on the Nifty 100, after reports emerged that NMC Healthcare founder BR Shetty had filed a $15 billion damages lawsuit against the bank and 25 other defendants in the Bombay High Court. The lender said it had not yet been formally served with the suit and would strongly contest the allegations. The bank’s shares declined to Rs 231.30 from Tuesday’s closing price of Rs 238.43. The stock has dropped 22.7 percent so far in 2026, underperforming the Nifty 50, which has fallen 13 percent over the same period. Bank of Baroda’s market capitalisation stood at around Rs 1.2 lakh crore. According to reports citing the petition, Shetty has sought $15 billion in damages, divided into three claims of $5 billion each. These include direct damages, consequential damages for losses such as missed business opportunities, and compensation for alleged reputational harm. He has also reportedly sought interest at an annual rate of 18 percent on the claimed amount. In response, Bank of Baroda said it had not yet received formal notice of the lawsuit and could not comment on allegations that had not been tested in court. The bank stated that it would firmly defend itself and take all necessary steps to protect its interests if and when it was served with the suit. The lender also highlighted that a similar lawsuit filed by Shetty in New York was dismissed in July 2024. Separately, it said judgment had been reserved in proceedings against Shetty and former NMC executive Prashant Manghat before the Abu Dhabi Global Market Court. Those proceedings concern allegations of fraud, wrongful trading and fraudulent trading.