Do introvert/shyness has a relation with low Self-Esteem?

Quite possible!!!

No. I dont think it's fair to generalize. Sometimes, highly disciplined childhood turns a person into an introvert. That doesnt mean they have low self esteem. It's just the way they are. Some geniuses r known to be introverts. some are born loners. There r many a reasons for a person to be an introvert..apart from low self esteem.

Extreme arrogance can also be a reason for introvert attitude.

very true.

i go with umbrella on this topic. there is no reason why one should be tagged with low self-esteem because one is introvert. some people have a high level of confidence and self esteem but when it comes to mixing and mingling with people they shy away. this could be because they like to life in their own small world, or as umbrella says, highly disciplined childhood.
even i am a kind of introvert, quite reserved, but i don't think i have low self esteem. as for me, i only talk to the extent that is required. i would rarely initiate a talk and i would try to end the talking as soon as possible. this is to some extent being introvert but not low self esteem.