Will Keane got off the mark for Reading with his first goal of the club but Exeter City netted in stoppage time to take the win away from the Royals.
Leam Richardson made changes to his side which saw the Royals line-up with both start striker Jack Marriott and new loan signing Keane up front.
With the spotlight on former Reading player Jayden Wareham, who left to join Exeter in the summer, it was another former Royals player who got on the scoresheet for the visitors. Pierce Sweeney, who has made more than 400 appearances for the Grecians put them ahead when he diverted in from a corner.
Reading levelled right before the half-time whistle when Keane marked his first start for the club with a goal when he connected on the volley to guide the ball into the corner from Haydon Roberts’ cross.
Reading went in front with15 minutes left to play when Paudie O’Connor ghosted away from his marker to meet Lewis Wing’s free-kick and he stroked the ball past the keeper.
However, with 11 minutes of stoppage time up on the board, Exeter netted in the 94th minute through Luca Woodhouse.
The late goal means Reading missed out on the chance to cut the gap to the play-off places and sit in 13th place in the League One table.
