Two second-half goals in quick succession saw the points shared after a typical Championship derby match.
It seemed Leicester's Dion Dublin had returned to haunt his former club, and he capped a man-of-the-match performance with a simple tap-in from three yards on the 70th minute from David Connolly's cross.
But minutes later in the second half, a dangerous cross from Andrew Whing found Leicester full-back Chris Makin in the six-yard box and he turned the ball past his own keeper.
Earlier in the game, Luke Steele came to Coventry's rescue in the 19th minute after Kevin Harper ran unchallenged from midfield and slotted through to Connolly, but Coventry's on-loan keeper came off his line well to block.
Andy Morrell should have done better when Michael Doyle played a weighted ball over the top, but the Sky Blues' top scorer this season screwed the ball across the face of the goal.
Leicester created the best move of the half when Dublin – booed throughout by the Coventry fans who used to idolise him – flicked on for Gareth Williams, a 28th minute sub for Scot Gemmill.
Williams tore forward and was tackled by Dean Leacock, though the ball fell to Connolly whose shot was saved superbly once more by Steele.
Coventry had to rely on Leicester defender Martin Keown for their closest effort of the half, when the veteran nearly deflected Eddie Johnson's shot into his own net on 35 minutes.
The second half was an infinitely better spectacle than the first, and Johnson in particular looked dangerous for Coventry.
He sent a 57th minute header inches wide from Michael Doyle's cross, before Doyle was involved again when he flicked the ball goalwards only for Lilian Nalis to clear off the line.