Leicester substitute Iain Hume scored a late equaliser to earn a precious point in the battle against relegation.
Lee Hendrie missed from close range while Dean Gerken denied Steve Howard as the home team started strongly.
Paul Henderson made a brilliant save after the break to save a Kevin Lisbie shot but could not stop the same player heading home Johnnie Jackson's cross.
Matty Fryatt missed two good chances to equalise for the Foxes before Hume headed home at the back post.
• Leicester boss Ian Holloway:
"It's about putting the chances in that we create.
"You can't afford to miss the chances we did. They have start going in now. It's as simple as that.
"I understand how people care. If my players didn't try as hard as they can
then I'd be very upset."
• Colchester boss Geraint Williams:
"It was almost a classic away win. I was disappointed in the first half with the way we used the ball.
"I felt that contributed to Leicester putting us under pressure because we
didn't use the ball very well when we got it.
"We tried to be more positive and use the ball better, which I thought we did, and we looked more of a threat coming forward in the second half."
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