tate-owned Life Insurance Corporation of India (LIC), a major investor in Tata Group stocks, reduced its stake in the companies during Cyrus Mistry’s tenure at the top, Business Standard reported Thursday.

LIC trimmed its holding significantly in many of the frontline Tata Group stocks since December 2012, when Cyrus Mistry took over as the chairman of Tata Sons, the paper reported detailing shareholding data submitted to bourses.

Tata Elxsi (526 bps), Tata Communications (412 bps) and Indian Hotels (401 bps) figure among the companies that have witnessed a sharp selling by LIC. In the same period, LIC increased its stake in Tata Global Beverages by 249 bps, and marginally in Tata Motors (22 bps), Tata Power (14 bps) and Tata Consultancy Services (2 bps), according to the report.

LIC owns shares worth more than Rs 30,000 crore across various listed companies of the Tata Group.