Bank of Baroda shells out Rs 5,700 crore to settle court cases with UAE’s NMC group
Bank of Baroda (BoB) agreed to pay $600 million (approximately ₹5,700 crore) to settle long-standing insolvency disputes with UAE's NMC group, concluding years of litigation across multiple jurisdictions. The settlement, reached without admitting liability, follows revelations in 2020 that NMC had hidden over $4 billion in debt, impacting various lenders. Following the announcement, BoB's shares fell by 4.18% to ₹260.15 on the stock exchanges.