Ocado shares plunge 18% as tech licensing division struggles

Ocado's stock plummeted by 18%, reaching a 13-year low, as the company disclosed lower profits and announced delays in new installations for its tech licensing division. This downturn reflects the struggles within its tech arm, which has been a significant driver of growth for the UK grocery delivery giant. Investors are concerned that these setbacks could hinder future expansion plans and profitability, prompting a sharp sell-off in the shares. The situation underscores the challenges faced by the company as it navigates the competitive e-commerce and technology sectors.