Why is the stem of my ZZ Plant drying? It was fat like the other stems. Is it dying or doing something for its own good?
I am not overwatering the plant.
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This is out on your balcony, Yes? Well, you have got some critter eating this guy. Just get some chicken wire to protect it. Do you take it inside for the winter? Do you even have a winter in India where you need to worry about freezing? Since you've got a balcony garden I would guess RATS.
The taller stem has an older harvesting and your plant knows that stem without leaves needs to go. I'd cut it back to 1/4" above that bud angling the cut to shed water off behind the bud. I don't see the bud on the second shorter stem but do cut that back as well at least an inch angling the cut away so the cut drains water toward the center of this plant. Forget the littlest one for now.
Have you noticed any other damage on your plants?