A loose wiring connection can cause it to drop suddenly (within a second) and intermittently. An open circuit on a thermocouple circuit will give a reading close to ambient. A high resistance joint will give a reading that is noticeably lower than the other EGT but still well above ambient.
Check and/or remake the connections on that circuit. Don't touch the other one if it is working, because you don't want to introduce a fault into that one. ;-)
Low EGT on one side during flight might indicate carburettor icing, but you would probably hear or feel rough running.