At the Multi Commodity Exchange (MCX), the February contract shed Rs 1.15, or 0.89% to Rs 128.50 per kg in 13,260 lots.
Prices dropped as speculators reduced offtake.
Weak global trend and falling spot market demands influenced the lead futres.
On the London Metal Exchange (LME), lead fell 0.5% to $2,379.75 a tonne.