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It may be that you've been killed, if your killed quickly with a high dmg skill then there will be a small delay, your magicka/stamina will drop to 0 and you'll die like 1-2s after.
PS4 EU DC
Current CP : 756+
I have every character level 50, both a magicka and stamina version.
Is your stamina bar completely drained at the same moment as well? If so, you had a health desync. Your character died on the server while your client still thought you have health left. The server informed your client that the magicka is now zero(because you died) but your client still shows you running around for a few seconds, with completely drained resources.
If only your magicka gets drained, you either got hit by a lightning ballista, or you are a DK on console with wings up reflecting expensive spells (reflecting spells used to charge you the cost of the reflected spells, got fixed on PC last patch - supposedly)