Life Insurance Corp. of India (LIC), the country’s top institutional investor, has cut its stake in publicly traded companies in the first three months of 2021, even as the benchmark Nifty gained 5%, as the nation’s largest insurer booked profits to take advantage of a stocks rally in the past year. The insurer’s shareholding slumped to an all-time low of 3.66% of the market value of all publicly traded companies at the end of March, data compiled by Prime Database showed. LIC has been reducing its exposure to listed companies since June last year.