ONGC reports first-ever quarterly loss on impairment loss
State-owned Oil and Natural Gas Corp (ONGC) on Tuesday reported its first-ever quarterly loss after it took an impairment on the slump in oil and gas prices.
India’s top oil and gas producer reported a ₹3,098 crore loss in the January-March quarter as compared to a profit of ₹4,240 crore in the same period a year back.
Company Chairman and Managing Director Shashi Shanker said ONGC booked an impairment loss of ₹4,899 crore in the fourth quarter of 2019-20, reflecting valuation of the firm’s assets after fall in crude oil prices.
But if not for the impairment, the company would have booked a profit.
