Bank of Baroda shares fall 3% amid $15 billion lawsuit report

Bank of Baroda (BoB) shares dipped 3.4 percent on Wednesday following reports that B R Shetty, founder of the NMC Healthcare group, filed a $15 billion lawsuit against the bank in the Bombay High Court. The suit alleges that BoB facilitated fund diversion, ignored anti-money laundering alerts, and concealed liabilities.

In an exchange filing, the bank stated it has not been served with the suit and cannot comment on untested allegations. Despite the decline, brokerages maintain a positive outlook for the bank, with analysts expecting double-digit profit-after-tax growth in the second quarter driven by stake sale gains and lower provisions.

Editor's note: The brief correctly identifies the stock impact, the nature of the lawsuit, the bank's denial, and the analyst outlooks.