Explanation:

The Ajanta Caves' paintings primarily illustrate the Jataka tales, which are narratives detailing the previous lives of the Buddha. These stories convey Buddhist moral principles and teachings. Option A (Ramayana) and B (Mahabharata) are ancient Indian epics, but their themes are not the focus of Ajanta art. Option D (Panchatantra) is a collection of fables, also not depicted.