According to today's Wrestling Observer Live on www.f4wonline.com, CM Punk lost the World Heavyweight title last night in the opening match of Hell in a Cell due to an incident that happened recently in Europe.
According to Dave Meltzer and his sources, Punk was not dressed in the manner befitting a company's world champion. It is a long-standing tradition for decades that when a company places their highest singles title on you, you are to present yourself as a representative of said company, and dress and act the part.
In Europe, there was some grumbling about Punk's appearance. The Undertaker, longtime holder of the "locker-room leader" title, took Punk aside and called him out on his attire, letting Punk know he should be dressing appropriately because he's a world champion. Punk asked why John Cena was allowed to get away with dressing like a high school freshman all hours of the day. Apparently when the conversation got back to Vince McMahon, he interpreted Punk's retort as suggesting that Punk thinks he's as big a star as Cena.
Needless to say, Punk is in the doghouse until he learns his lesson or until the Undertaker's hip falls off, whichever comes first. The plan for the foreseeable future on Smackdown is to have Undertaker feud with Batista for the title, because everyone wants to see that.