Bank Muscat said on Tuesday it had sold 40 percent of its holdings in India's HDFC Bank and planned to sell its entire stake.

Oman's largest lender said in a statement on the bourse website that it expected 4 million rials ($10.39 million) to 7 million rials in losses in the first quarter related to its equity portfolio.

Bank Muscat has a stake of about 3 percent in HDFC. - Reuters