(Reuters) - Tripadvisor ( TRIP ) shares slumped 38% and were on track for their worst day ever on Wednesday, after the online travel agency ruled out a possible sale at this time and posted a surprise quarterly loss.

Tripadvisor ( TRIP ) first disclosed in February that Liberty TripAdvisor Holdings ( LTRPA ), its controlling shareholder, had been approached by at least one bidder for its controlling stake in the travel agency.

A special committee formed to explore options, including a potential sale, has determined there is no transaction with a third party that is in the best interests of the company at this time, Tripadvisor ( TRIP ) said on Wednesday.

"The special committee will continue to evaluate proposed alternatives as appropriate. There can be no assurance that any transaction will result," CEO Matthew Goldberg said on a post-earnings call with analysts on Wednesday.

Tripadvisor ( TRIP ) reported a first-quarter loss of 43 cents per share on Wednesday, while analysts on average expected a profit of 2 cents, according to LSEG data.

Liberty TripAdvisor ( LTRPA ) is one of media mogul John Malone's publicly traded vehicles. It holds a 56% stake in Tripadvisor ( TRIP ) and is controlled by Liberty Media ( LLYVB ) CEO Greg Maffei, who is also Tripadvisor's ( TRIP ) chairman.