Ocado shares fall after John Lewis pension fund sells out

 
City A.M. Reporter
Retailer John Lewis's pension trust has sold its stake of about 10 per cent in online grocer Ocado – sending its shares down 17 per cent.

Ocado, whose shares have climbed sharply in recent weeks, said the sale would not affect its commercial relations with upmarket grocer Waitrose, a John Lewis unit.

Ocado mainly sells Waitrose products. Some analysts expect the two will increasingly become competitors as Waitrose expands its own online grocery business.

The John Lewis pension fund sold more than half its original stake in Ocado at the time of the online grocer's initial public offering in July.

Ocado said the sale was part of the pension trust's normal investment management activities.