Here's what I found so far. I usually on wifi 24/7. (Mobile data OFF). Because of the battery drain issue in the morning, I switched off wifi and recharge my phone to 100%. From 10am to 5pm it didn't drop a single percentage. It was 100% with couple of short calls and sms's. Then I switched on wifi and updates, tweets and notifications started flowing. Battery level started dropping. But again when the wifi signal is strong it doesn't affect much. So weak or unstable wifi is a battery killer. Same as weak carrier signal.
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