Bank of Baroda shares fell to a day low of Rs 230.40 on Wednesday after NMC founder BR Shetty filed a $15 billion lawsuit against the lender.

Shetty founded NMC Healthcare and UAE Exchange. Media reports say he filed the case in the Bombay High Court on 13 October.

He wants $15 billion, about Rs 1.44 lakh crore, from the bank and 25 other defendants.

Shetty says bank officers helped move money out of his group companies, ignored warnings about money laundering and accepted personal guarantees with forged signatures.

Reports also say he accuses the bank of giving unsecured loans and hiding its lending exposure from auditors. These are his allegations. No court has tested them yet.

Bank of Baroda replied with an exchange filing on Wednesday morning. It said nobody has served it with the suit, so it cannot comment on what the papers say.

If the papers arrive, the bank will defend the case firmly and protect its interests. The bank also pointed to other cases.

The Abu Dhabi Global Market Court is hearing claims of fraud and wrongful trading against Shetty and Prashant Manghat, and the judge has reserved the verdict. In India and the UAE, Bank of Baroda is chasing dues of nearly Rs 2,800 crore from Shetty. I

It says it already holds several court decrees in its favour. There is history here too. In 2021, the Karnataka High Court barred Shetty from selling or dealing with his assets.

Later, in front of the National Company Law Tribunal, Shetty said he is insolvent and cannot pay the bank’s dues.

He also sued the bank in New York with similar claims, and the Supreme Court of New York dismissed that case in July 2024.

At 10:46 am, Bank of Baroda shares traded at Rs 231.43 on the NSE, down Rs 7 or 2.94% from the previous close of Rs 238.43.

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