Ocado facing demotion from FTSE 100 index this week following a slump in its share price
Ocado is facing demotion from the FTSE 100 index this week following a slump in its share price.
The online grocery delivery firm boomed in lockdown, with its share price hitting a record 2,895p in September 2020.
But the easing of restrictions put the company on the back foot as consumers flocked back to supermarkets.
The firm has also suffered from weaker-than-expected demand for its robotic warehouse technology. As a result, the stock has tumbled over 85 per cent.
Ocado’s losses ballooned to over £500million last year.
Analysts predict Ocado will be relegated tomorrow when the closing prices will be used to calculate the reshuffle.
It is another blow for its co-founder and chief executive Tim Steiner, who in the past year has seen the value of his 2.4 per cent stake plunge by £105million.
