I know that reference type will be garbage collected. I wanted to know whether value types will also be garbage collected from the stack?
Assuming you mean "garbage collected" in the sense of the garbage collector checking if they are alive and then reclaiming the memory then the answer is no they are not "garbage collected".
The reason is that memory on the stack is automatically reclaimed as stack frames are removed.
Have a read of this article: http://en.wikipedia.org/wiki/Stack_%28data_structure%29#Hardware_stacks