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The phrase "plunged by" is correct and usable in written English
It is typically used to describe a rapid decline or decrease in something, such as "The stock market was plunged by a significant downturn."
Exact(60)
Imports plunged by 43%.
Shares plunged by half.
Its property prices plunged by nearly 60%.
Microsoft's market value plunged by $32 billion.
The following year it plunged by 8%.
By 2012 this plunged by two-thirds.
The main stockmarket index plunged by 6%.
The Nasdaq plunged by 100.
In 1983, Peru's GDP plunged by 12%.
GM's plunged by over half, to $700m.
Shares had plunged by more than half.
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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