New Delhi, June 16 -- India's leading life insurers added automobiles, airports, consumer companies, and select new-age businesses to their equity portfolio in May, while cutting holdings in some large banks, capital-goods and power stocks.

Mahindra & Mahindra was the biggest purchase during the month, with insurers buying shares worth Rs.462 crore of the automaker, according to Nuvama Alternative and Quantitative Research. GMR Airports was the next, attracting investments worth Rs.428 crore.

Consumer electronics company LG Electronics and eyewear retailer Lenskart were also among the top additions, attracting investments of Rs.277 crore and Rs.242 crore, respectively. FMCG giant Hindustan Unilever, automaker Tata Motors Passenger Vehic...