What happens if google play services data is cleared..? Play services data was >200 MB in my phone i cleared data of it but now it is using so much of internet within fraction of minutes. What is the solution to fix this problem?
First lets see what Google Play Services is. It is not an application like those installed on your android device, it is very much like an API package which is pre installed and cannot be removed. It helps developers in communicating with the applications they are working with. So in a way it is linked with an android to a great extent. 
Now talking about what it does, it has all the data, settings which are required for other Google apps( Notes, Calendar, Gmail, Maps, and some other Play apps)for running efficiently. For example, Maps on your device gets frequent updates with the help of Google Play Services, earlier it could be updated only when the OS got an update. In today's time many manufacturers cannot manage to roll out updates so early, this is where Google Play Services comes in.
About your situation-
Since you mentioned it consumes around 200MB data, I would say this much space is usually consumed on most of the devices out there. Even if you would delete it, it gets recreated over times. It's your call entirely.
In case you want to delete its data make sure you have a backup of phone before clearing it.
The reason it's consuming so much of internet is because once that data is cleared it is again being fetched online, consuming a lot of data and battery at the same time.