Bank of Baroda shares slide 3% after BR Shetty files $15 billion lawsuit
What Happened
BR Shetty, founder of NMC Healthcare, has filed a lawsuit in the Bombay High Court seeking $15 billion in damages from Bank of Baroda and 25 other defendants. The suit alleges fund diversion, fraud and negligence linked to NMC Healthcare. The bank’s shares fell about 3% in early trade on October 14.
Key Takeaways
Bank of Baroda says it has not yet been served with the lawsuit and will firmly defend it if served. Importantly, the allegations remain untested in court, while the $15 billion figure represents damages being claimed, not an established liability for the bank.