ONGC, India’s largest oil and gas producing company has reported a loss of Rs 3,098 crore in quarter 4 of FY20, against a profit of Rs 4,240 crore in the previous corresponding quarter. It happened just after the state-run company booked an impairment cost on account of the crash in oil and gas prices. The company would have suffered more loss if it had been for a Rs 1,641.5-crore deferred tax reversal during the quarter.
