Abstract Due to the growing interest in monolayer (ML) molybdenum disulfide (MoS₂) in several optoelectronic applications like lasers, detectors, sensors, it is important to understand the ultrafast behavior of the excited carriers in this material. In this article, a comprehensive study of the charge carrier dynamics of a monolayer MoS₂ flake has been studied using transient transmission technique near A-exciton under high excitation densities well above the Mott density. Fluence dependent studies has been carried out to understand the origin of the processes which modifies its optical response under excitation. The dissociation of excitons leads to an observed fast bandgap renormalization. At later times when large number of carriers relax the remaining carriers forms excitons leading to a bleaching effect.