S hares in grocery group Ocado have fallen for a second day on the trot, dropping as much as 7pc after HSBC called the company "overvalued". The group, which revealed a £214m loss on Wednesday, is attempting to develop itself further as a robotics and logistics provider, even as it launches an online delivery service in conjunction with Marks & Spencer. Analysts at HSBC said Tuesday's results were "complex", but offered a "clearer picture" on the group's fortunes. They claimed the market had underestimated the amount of funding needed to drive continued growth at the group, saying it was "likely to consume cash heavily over the coming years". They added: While we believe that Ocado has done well recruiting customers to its service proposition, we believe it remains overvalued.