Two goals in the final five minutes condemned Everton Under-23s to a 2-1 defeat in their final Group F Premier League Cup clash at Holmes Park.
The young Blues, who went into the contest having already secured qualification into the knockout phase of the competition, looked to be on course to leapfrog their opponents and take top spot in the group when Alex Denny put them ahead with 20 minutes remaining.
But Leicester levelled on 84 minutes before netting the winner from the spot moments later after Antony Evans was penalised for handball in the area.