Silver futures lost Rs 1,116 to Rs 50,651 per kg today as speculators offloaded their positions in tandem with a weak global trend.
Sluggish demand in the spot market further fuelled the downtrend in silver prices.
At the Multi Commodity Exchange, May silver fell by Rs 1,116, or 2.16%, to Rs 50,651 per kg, with an open interest for 1,140 lots.
The March contract lost Rs 1,092, or 2.16%, to Rs 49,544 per kg in 17,762 lots.
Market analysts attributed the sharp fall in silver futures prices to a weakening global trend and sluggish demand in the spot market.
Meanwhile, silver shed 1.51% to $26.74 an ounce in the Asia region.