Bank of Baroda shares drop 3% after B.R. Shetty sues for $15bn

Bank of Baroda shares fell about 3% in early trade on the Bombay Stock Exchange on Wednesday, 14 October, a day after NMC Healthcare founder B.R. Shetty filed a lawsuit against the lender. The stock opened at ₹235.95, down from the previous close of ₹237.60, and touched an intraday low of ₹230.45. Shetty, whose full name is Bavaguthu Raghuram Shetty, has approached the Bombay High Court seeking $15 billion in damages, accusing the bank and several of its staff of helping move money linked to the fraud that collapsed his business empire. The filing lists 26 defendants: Bank of Baroda, ten 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. The market reaction reflects investor concern over the potential liability and reputational hit to the bank’s share price. Analysts noted that a $15 billion claim, if proven, could significantly strain the bank’s balance sheet. The case also highlights the role of Indian banks in overseas money movements that later turned questionable. Mint said the petition was filed with the Bombay High Court on Tuesday. Bank of Baroda has not issued a public response to the suit. ## Context The suit underscores how banks can become entangled in legal battles over alleged facilitation of fraud, and such cases often trigger sharp short‑term moves in the bank’s share price.