The New NSL, page-18

Share prices are just arbitrary numbers, it doesn't mean the shareprice can go any lower or higher.
However, the way the market reads a share consolidation is that the company doesn't expect the share price to go much higher in the near term.
Similarly, a share split which brings the share price back to a more viable share price range, tells the market the company expects strong future growth.
In my opinion this is why the shares dropped 20%.

Cheers