At the Multi Commodity Exchange, silver for delivery in May, plunged Rs 379 to Rs 43,999 per kg after touching a low of Rs 42,753 at 12.00 pm IST.
Mumbai spot gold per 1000 grams was at Rs 48,520, Delhi at Rs 48,000, Chennai 48,150 and Kolkata was seen at Rs 46,500.
Silver futures at MCX were seen recovering from steep fall. Silver is the second most favourite commodity for most of the investors after gold.
After making a record high in prices, the price of silver have crashed, many gained and many lost in the ride.
The demand for silver may pick up after a fall as it is used as the raw material for the manufacture of jewellery and silverware.