Shares of Bank of Baroda dropped more than 3% on Wednesday after The Economic Times reported that BR Shetty, the founder of NMC Healthcare, has filed a $15 billion suit against the PSU lender, accusing it of colluding with his business group's former executives to siphon off funds that left him facing liabilities on guarantees he was unaware of.
Bank of Baroda shares tumbled to Rs 230.40 apiece on NSE. This came after BR Shetty’s reported lawsuit, filed at the Bombay High Court, sought $5 billion in direct damages for alleged fraud and negligence, $5 billion in consequential damages and $5 billion in compensation for reputational harm arising from various actions taken by the bank, including a lookout circular issued against him. He also sought 18% interest on the first $10 billion, the ET report added.
