Shares of Bank of Baroda fell 3% in early trade on Wednesday, emerging as the biggest loser on the Nifty 100, after NMC Healthcare founder BR Shetty reportedly filed a $15 billion damages lawsuit against the public sector lender and 25 other defendants in the Bombay High Court.
The bank, however, said it had not yet been served with the lawsuit but would firmly defend itself against the allegations and take all necessary steps to protect its interests.
Bank of Baroda shares declined to ₹231.30, compared with Tuesday’s closing price of ₹238.43. The stock has fallen 22.7% so far in 2026, underperforming the Nifty 50, which has declined 13% during the same period. The bank’s market capitalisation stood at approximately ₹1.2 lakh crore.
Bank of Baroda says it will defend itself against allegations
In a statement to the stock exchanges, Bank of Baroda said it had taken note of media reports about a suit filed by Bavaguthu Raghuram Shetty in the Bombay High Court on October 13, 2026.
“The Bank has not been served with such a suit and cannot comment on the contents of pleadings which are untested in court,” the lender said, adding that it would defend the case firmly if and when it was served with the lawsuit.
The bank also referred to proceedings before the Abu Dhabi Global Market Court, where judgment has been reserved against Shetty and Prashant Manghat in connection with allegations of fraud, wrongful trading and fraudulent trading.
The lender said it could not comment on the nature of the allegations against Shetty as the matter was sub judice.
Broader market opens lower
The decline in Bank of Baroda shares came amid a subdued opening for the broader market. At 9:18 am, the BSE Sensex was down 51.72 points, or 0.07%, at 72,982.06, while the NSE Nifty 50 fell 33.30 points, or 0.15%, to 22,688.65. Market breadth remained positive, with 1,299 stocks advancing against 1,148 declining on the exchanges.