The offer was fair, slightly above the last drawn CTC, benchmarked properly. The candidate had said yes verbally twice. Then, two days before joining, he declined over a gap he'd never raised before.
When I called to understand, the real story came out. Nobody from the company had spoken to him in the eleven days between the final interview and the offer letter. The silence did more damage than any number could have.
Money is the easiest thing to blame and the easiest thing to fix. It's rarely what a decline is actually about. Attention, or the lack of it, closes and loses more offers than compensation ever does.