Then i removed my earphones assuming they are faulty and the loudspeaker had same issue!
I tried changing ringtones to check if those sound play well, but still problem persisted and I instantly realized that my moto g haven't been playing ringtones even at office while receiving messages (Which obviously i had ignored since i was busy with work).
Now a fear gripped me, and thought of my moto G having hardware fault ran through my brain
The only old school option that came to my mind is reboot.
I rebooted keeping my fingers crossed, and to my joy, volume worked fine on speakers and earphone as well.
The concern now is why that happened suddenly ? I run my moto g on stock with no apps that may tinker with my sound / volume.
Has anyone else ever had similar issue ?