I have been getting a .02$ to .05$ for a click. But suddenly this dropped to .01$ for last 3 clicks. Really confused what's going on? Is that I am Wrong somewhere. Please suggest something.
You can't make judgements based on 3 clicks. There is no such consistency about Adsense. Different ads are presented on your site and some pay better than others. Each ad pays a different amount. Therefore, it depends on which ads are presented and which ads are clicked. Relax.
it can also have something to do with the number of ads you are dispalying. the more ads the higher the probability for low cost ads. Try to focus on lesser ads. E.g. the banner ad with only 2 ads showing. Additionally, it also depends how strong your website is both in terms of the number of links you get and your position on the SEs. Maybe you should also strengthen your website a bit?