BoB stock tanks 3.5% as NMC founder Shetty sues bank for $15 bn

Bank of Baroda (BoB) shares fell 3.47% to ₹229.35 on the BSE on Wednesday after reports that B R Shetty, founder of the failed UAE-based NMC Healthcare, had filed a $15-billion damages suit against the bank and 25 others.

In a statement, the bank said it had not been served with any such suit. “If and when it is served, the Bank will defend the suit firmly and take all steps necessary to protect its interests,” it said.

Mr. Shetty, 84, has approached the Bombay High Court, alleging that the defendants acted “as an instrument in the siphoning of funds” that led to the collapse of his business empire. The suit, filed through his constituted attorney Shishir Shetty and represented by MZM Legal, names BoB, 10 current and former bank officers, former NMC executives Prasanth and Promoth Manghat, their family members and associates, and two domestic entities.