Silver Crash: Leverage positions in major ETF see ₹450 crore liquidation in three days

The Nippon AMC Silver ETF, which had gone on to become the asset class with the highest leverage on the Margin Trading Facility (MTF) book, has seen its leverage positions go down by nearly ₹450 crore across three trading sessions between January 30 to February 3, 2026.

Data from the MTF book uploaded every day on the National Stock Exchange shows, that the leveraged positions on the Nippon AMC Silver ETF have dropped to ₹1,303 crore as of closing on February 3, compared to ₹1,748 crore seen at the closing of January 30, 2026.

The Nippon AMC Silver ETF is down another 13% on Thursday, tracking the sell-off in global prices of the precious metal, which has had an impact on the domestic prices as well. From the close of January 29, the value of the ETF has declined by 34%.

Before the start of the fall on January 30, the Nippon Silver ETF had become the most leveraged asset on the MTF book

, surpassing Hindustan Aeronautics. Positions had seen an increase of over ₹600 crore between January 22 to January 30, post which, prices in the global market fell 37% in a single trading session, while some ETFs listed in the US fell as much as 60%.

After the recent liquidation of leveraged positions, HAL is back to being the most leveraged asset on the MTF book as of the February 3 data.

Silver prices on the MCX are down another 10% on Thursday, tracking the global meltdown, which has resulted in the exchange setting up additional margin requirements yet again, starting today and on Friday.