Ocado Group is to be axed from the FTSE 100 following a fall in its share price, adding to growing pressure from shareholders for the business to move its stock market listing from London to New York.

According to the London Stock Exchange, the technology firm, which part-owns online grocer Ocado Retail alongside M&S, is to leave the index as part of a quarterly reshuffle after its valuation dropped from £22bn during the pandemic to just £3.6bn as of yesterday (28 May).

In order for Ocado to avoid relegation from the FTSE 100, its shares would have to increase by almost 22% to 500p by 4 June, and lift its current price tag of £3.4bn – above the £4.1bn valuation of software company Darktrace, which is set to replace the retailer in the index.

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It comes as pressure has been mounting from shareholders to move from London to New York.

Last month, The Telegraph reported that face-to-face discussions have been held with investors where the idea of abandoning the UK stock market for America was spoken of in detail.

It comes as the UK market falls behind other European countries, having contributed just over €300m (£258.5m) worth of new listings in the first quarter of a total European figure of €5bn (£4.3bn), according to PwC.