Silver prices on Monday fell by ₹8,245 to ₹2,40,292 per kilogram as participants reduced their bets.
On the Multi Commodity Exchange, silver contracts for July delivery declined by ₹8,245, or 3.32 per cent, to ₹2,40,292 per kg in a business turnover of 3,948 lots.
Analysts said a sell-off by participants mainly weighed on silver prices.
Globally, the white metal was trading 1.25 per cent lower at $66.98 per ounce in New York.