Bank of Baroda Ltd ₹15 billion BR Shetty lawsuit notice

BANKBARODA Bank of Baroda reported Q2 FY27 standalone net profit of ₹6,532 crore, up 35.8% year-on-year, boosted by ₹1,340 crore from a partial NSE stake sale during the exchange’s IPO; net interest income rose 9% to ₹13,026 crore, non-interest income surged 95.8% to ₹6,881 crore, and operating profit jumped 50.9% to ₹11,430 crore. On the legal front, the Bombay High Court issued a notice to the bank on November 5 in a $15 billion civil suit filed by BR Shetty (NMC Healthcare founder) over alleged financial irregularities, disputed guarantees and fund diversion, with the matter listed for November 19. In strategic news, Bank of Baroda signed an MoU with iDEX to strengthen financing for defence and aerospace startups, and announced recruitment for 837 Wealth Management Services positions (applications open until November 24). On the market side, shares closed at ₹291.60 on November 6, down 3.25%, with a market cap near ₹1.51 lakh crore; brokerages maintained mixed ratings with targets of ₹260–₹285, while the bank is pursuing a fundamental repositioning with plans to sell non-core assets to raise capital. The MD & CEO also said the bank will redeploy MDR proceeds into the UPI ecosystem and gradually adjust deposit rates if market rates stay elevated.