Kshay revolves around the personification of an obsession, fueled by nothing more than intangible desires. Chhaya is a simple housewife who has an artistic bent of mind and a seemingly happy life with her husband Arvind. Money trickles in every month and life goes on for an unassuming Chhaya, until her eyes catch hold of an unfinished sculpture of the Hindu Goddess, Lakshmi.
Her values and relationships as she knows them begin to decay day by day, surrendering to the clutches of an ugly obsession that feeds on her weaknesses and past disappointments. She must have the "Lakshmi", as if to make up for all that she has yearned for in her life.