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"fell precipitously" is correct and usable in written English.
You can use it to indicate a sudden, drastic drop in something, such as a stock price or temperature. For example: The temperatures at the ski resort fell precipitously after the storm had passed.
Exact(59)
Real output and prices fell precipitously.
Last time, revenue at the company's equities unit fell precipitously.
Trust in the presidency fell precipitously under Johnson – real lows.
During the 1980s and 1990s, the labour-rights index fell precipitously (see the blue line below).
The number rose and fell, precipitously, in a distinct cycle of 9.6 years.
Shares in Saint-Gobain fell precipitously after Wendel's investment, dragging down the fund's own performance.
The same pattern unfolded Thursday, as shares in companies including Procter & Gamble fell precipitously.
Dropouts increased, performance levels fell precipitously, and violence in schools appeared endemic.
Air-conditioning adoption boomed after the Second World War as prices fell precipitously.
The price of oil fell precipitously on the news of OPEC's new, hardball stance.
Finally, when her grades fell precipitously, her parents confiscated the phone.
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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