The phrase "precipitous fall" refers to a sudden and steep decrease in something, like a situation or a person's performance. It means that there was a significant drop or decline in a short amount of time. Full definition
Many working men's clubs have faced precipitous falls in income since the ban, after a second vote in parliament denied private members clubs the right to allow members to opt - in to smoking leniency. (politics.co.uk)
This decent documentary looks at the meteoric rise and precipitous fall of a legendary»80s movie studio. (waytooindie.com)
The union's precipitous fall from grace was made painfully apparent when even the Democratic Governor, traditionally a NYSUT ally, weighed in on the matter. (educationnext.org)