We investigate the connection between the X-ray and radio properties of the Galactic microquasar GRS1915+105, by analyzing the X-ray data observed with RXTE, during the presence of a huge radio flare (~450 mJy). The X-ray lightcurve shows two dips of ~100 second duration. Detailed time resolved spectral analysis shows the existence of three spectral components: a multicolor disk-blackbody, a Comptonized component due to hot plasma and a power-law. We find that the Comptonized component is very weak during the dip. This is further confirmed by the PHA ratio of the raw data and ratio of the lightcurves in different energy bands. These results, combined with the fact that the 0.5 -- 10 Hz QPO disappears during the dip and that the Comptonized component is responsible for the QPO lead to the conclusion that during the dips the matter emitting Comptonized spectrum is ejected away. This establishes a direct connection between the X-ray and radio properties of the source.