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Home / Business / ONGC reports quarterly loss of Rs 3,098 crore

ONGC reports quarterly loss of Rs 3,098 crore

The company took an impairment loss of Rs 4,899 crore in the fourth quarter of 2019-20 on slumping prices
India’s top oil and gas producer reported a Rs 3,098 crore loss in the January-March quarter

Our Special Correspondent   |   New Delhi   |   Published 01.07.20, 01:16 AM

Oil and Natural Gas Corp (ONGC) on Tuesday reported its first-ever quarterly loss after it took an impairment on slumping prices.

India’s top oil and gas producer reported a Rs 3,098 crore loss in the January-March quarter compared with a profit of Rs 4,240 crore in the same period a year back.

Chairman and managing director Shashi Shanker said ONGC booked an impairment loss of Rs 4,899 crore in the fourth quarter of 2019-20.

This reflects the valuation of the firm’s assets after a fall in crude oil prices. But for the impairment, the company would have booked a profit.

An impairment loss is a recognised reduction in the carrying amount of an asset that is triggered by a decline in its fair value.

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