Silver prices on Thursday fell by ₹4,205 to ₹2,44,159 per kilogram as participants reduced their bets.
On the Multi Commodity Exchange, silver contracts for the May delivery declined ₹4,205, or 1.69 per cent, to ₹2,44,159 per kg in a business turnover of 1,281 lots.
Analysts said a sell-off by participants mainly weighed on silver prices.
Globally, silver was trading 2.06 per cent lower at $76.10 per ounce in New York.