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Discover LudwigThe phrase "fallen precipitously" is correct and usable in written English
You could use the phrase to describe a situation that has rapidly gone from good to bad. For example, "Due to a number of factors, the manufacturing sector has fallen precipitously in the last 3 months."
Exact(60)
The share price has fallen precipitously (see chart).
It has fallen precipitously since then, to 15% in March.
These percentages have fallen precipitously over the past two decades.
Collection of delinquent taxes has also fallen precipitously.
Bank share prices have fallen precipitously as well.
Outpatient use of Natrecor around the country has fallen precipitously.
But since 1983, fan interest has fallen precipitously.
In some cases particularly for the poorest and most disadvantaged, they have fallen precipitously.
In rural areas the standard of living of the habitants had fallen precipitously since 1800.
It's an army whose numbers have fallen precipitously anyway, surge or no surge.
But rosewood stocks have fallen precipitously in recent years as illegal logging has run rampant.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com