Reading midfielder Andy Hughes rocked Wolves with a stunning strike to deepen the gloom at Molineux.
Hughes sent pre-season promotion favourites Wolves crashing to their third successive League defeat with a 30-yard strike after 58 minutes.
It was Reading's first League goal in four games and also ended a run of back-to-back defeats.
Wolves have now taken just one point from their last four games and under pressure manager Dave Jones faces another crunch home against Preston on Tuesday.
Even before Hughes' unstoppable strike, Wolves' goalkeeper Matt Murray had performed heroically twice in the space of less than 60 seconds to keep Wolves on level terms.
Wolves suddenly found themselves under siege after 30 minutes when former England international John Salako whipped in a right-wing cross.
Reading striker Tony Rougier looked set to force the ball over the line from close range, but Murray did well to bravely dive at his feet twice to prevent him breaking the deadlock.
Wolves failed to fully clear their lines after their double let-off and when the loose ball found its way to midfielder Hughes, he let fly with a fierce 25-yard drive that Murray did well to hold on his goalline.
In contrast, Reading keeper Marcus Hahnemann was a virtual spectator in the opening period only really being forced into action once to smother a hopeful long-range drive from left-back Lee Naylor.
Wolves did briefly threaten at the start of the second half when Denis Irwin had a free-kick saved by Hahnemann.
But Hughes' stunning solo strike rocked them back on their heels and left them chasing the game.
Ivar Ingimarsson almost put them back on level terms straight away when he rattled the post a minute after Wolves fell behind while Hahnemann did well to palm a header from Dean Sturridge over the bar in the 68th minute
