A 30% crash in silver prices in just two trading sessions has left traders and investors devastated.

“I lost Rs 15 lakh in just two days. I had no option but to leave my positions in a rush,” said an Ahmedabad-based trader who bought one lot (30 kg) of silver at a price of Rs 63,000 on Friday morning at MCX. Later, he went for averaging his positions and bought two more lots at a rate of Rs 61,000 and Rs 56,000 respectively. However, the commodity could not retain its fall and before the Indian market closed on Friday, he was forced to sell all three lots at Rs 52,000 level. “I could not sleep since Friday night,” said the trader.

The commodity rose from Rs 30,000 to Rs 75,000 per kg during the first half of the year, suffered a single-day fall of 18% on Friday, the sharpest in 27 years, robbing investors who have been losing in equitiesand currencies.

Brokers had to work extra time to collect losses from their clients. “We have been rushing to cover huge shortfall in clients account since Saturday,” said a leading commodity broker in Ahmedabad. Brokers are not allowing clients to create a new positions as market is too volatile,” said an analyst. Those who want to do bargain hunting could not do so as physical market merchants have stopped to register trade on the increased volatility. “I have tried hard to buy silver in spot market but nobody is ready to sell in current position,” said Mehul Shah, a retail trader.

The fall has shaken confidence in gold, which after rising 35% in this calendar has lost 15% in two trading sessions.