Holly Willoughby's This Morning exit caused £20m dent to ITV

Holly Willoughby’s departure from This Morning reportedly cost ITV £20million as share prices dropped overnight.

ITV’s share prices fell by 16% over the past six months as its mid-morning program was marred with its former presenter Philip Schofield's controversy surrounding a secret workplace romance with another man.

This only grew worse when Willoughby announced her exit from the show on Instagram a week after she was named in a kidnap and murder plot.

A spokesperson for AltIndex said, "Holly Willoughby’s This Morning exit has already hit ITV in the pocket with possibly further loss in revenue still to come should sponsors and advertisers reduce their spend now the broadcaster’s star presenter is no longer the face of their flagship daytime show.

"ITV’s share price decreased 0.61% overnight and that’s estimated to have hit the company’s value by at least £20m to add to the turmoil of having to replace a top star."

As of yet, ITV bosses have reportedly been scrambling to save the show which had once raked in millions as well as prestigious awards.