Arsenal lost for the second time in this season's Champions League after suffering a 3-2 defeat to Olympiacos.

The Greek champions took the lead through Felipe Pardo's deflected strike, before Theo Walcott levelled the scores.

An own goal from David Ospina saw the Gunners slip behind again, but Alexis Sanchez headed in to equalise after the break.

However, within a minute of drawing level, Alfred Finnbogason turned home Pardo's cross to leave Arsenal staring at an early exit from the competition.

Here, Sports Mole takes a closer look at the events that unfolded at the Emirates.

Match statistics

ARSENAL
Shots: 18
On target: 9
Possession: 70%
Corners: 8
Fouls: 11

OLYMPIACOS
Shots: 9
On target: 4
Possession: 30%
Corners: 4
Fouls: 10

Was the result fair?

Arsenal can have no complaints about the result this evening after a poor defensive display. They conceded their first two goals from corners, while the winning strike from Finnbogason came less than a minute after they had equalised. However, Olympiacos must take some credit for their positive performance at the Emirates, as they always looked a threat on the counter-attack and took their chances to win for the first time in England.

Arsenal's performance

It was another miserable night in Europe for the Gunners, who are now bottom of their group with a double-header against Bayern Munich to come. They did not learn from the mistakes they made against Dinamo Zagreb and were twice caught out from set pieces.

They did create plenty of chances to find the net, but each time they scored the visitors quickly restored their lead. Changes to the defence also contributed to the defeat, as Ospina made a vital mistake for the away side's second, while Gabriel didn't look comfortable all evening.

Olympiacos's performance

Olympiacos had lost on their 12 previous visits to England, scoring just three goals, but they changed that statistic in emphatic fashion this evening. The Greek champions did not see much of the ball and were forced back for long spells. However, they soaked up the pressure and were clinical in the final third when chances came their way.

They were rather fortuitous with the goals they scored in the first half, as a fortunate deflection and a goalkeeping blunder saw them go into the break in the lead, but they showed their character each time they conceded and held on against late onslaught to boost their hopes of progressing from the group.

Sports Mole's man of the match

Esteban Cambiasso: The Argentine showed his vast experience with an accomplished display in the centre of midfield. He brought a sense of calm that rubbed off on his teammates and made a number of fine blocks and interceptions throughout the match.

Biggest gaffe

The Gunners made a number of mistakes at the back, but Ospina's error was by far the worst. The keeper fumbled the ball over his own line when attempting to collect a corner to leave his side trailing at the break. It was a dreadful misjudgement from the Colombian and the decision to play him instead of Petr Cech will be questioned once again.

Referee performance

There can be no complaints about Bas Nijhuis and his officials after the football did all of the talking at the Emirates. He did have a huge decision to make for the second goal, but the replays clearly showed that Ospina dropped the ball over his own line.

What next?

Arsenal: The Gunners will return to Premier League action on Sunday afternoon with a clash against rivals Manchester United at the Emirates.

Olympiacos: The Greek champions face a trip to PAOK in their Superleague match this weekend.