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.