The decision follows the ruling of an Indian court to cancel 122 telecoms licences in the country amid a corruption scandal.
The telecoms operator said it is discussing restructuring options as it struggles to stall dropping profits.
The Finnish telco partnered with Microsoft in a bid to claw back market share last year
The Bahraini telecoms operator will receive $174.5 million, the same amount that it paid to purchase the stake in the Indian firm.
The telecoms operator might also share infrastructure facilities with other carriers.
The Bahraini firm saw its subscriber base increase by 20 per cent year-on-year in 2011.
Regional telcos are throwing cash at data investments and looking further afield as high penetration levels squeeze profits.