Hi Vishu,
When you use a transistor as a "super diode" with its base connected to its collector, when forward-biased it is still a transistor with its rated current gain (check its Vce spec) and therefore produces a low forward voltage drop. Since a transistor's base-emitter junction has such a low reverse breakdown voltage, I recommend that it be used as a forward-biased voltage reference (like in ICs) or a very low voltage rectifier.
If you use only its base-collector diode then it is just an ordinary diode. If you connect a transistor "backwards", with its base connected to its emitter, its current gain will be very low and its forward-biased voltage drop will be similar to an ordinary diode.