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There is no stopping Ocado share plunge

By Rupert Steiner for the Daily Mail
Updated: 07:08 EDT, 26 February 2011

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Shares continued to plunge at online grocer Ocado yesterday after a dire week in which almost £220m has been wiped off the value of the retailer.

Ocado shares: A dire week has seen almost £220m has been wiped off the value

The stock fell another 3% yesterday down 7p to 198p, a significant fall from the 239.5p seen at the beginning of the week.

Trusts linked to chief executive and co-founder Tim Steiner sold £5m worth of shares in the group just two days before John Lewis-owned Waitrose announced it was stepping up competition.

While Ocado almost exclusively sells Waitrose produce, the supermarket also competes head-to-head with Ocado through its own delivery service.

Waitrose announced on Sunday that it is revamping its own online delivery offering, with a £10m investment as it targets customers in Ocado's core market inside the M25.

The news came in the same week that John Lewis's pension fund offloaded its 10% holding in the online grocer.

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