Also called plumb bob. a piece of lead or some other weight attached to a line, used for determining perpendicularity, for sounding, etc.; the bob of a plumb line.
something that weighs down or depresses.
verb (used without object)
to plunge.

1350–1400; (noun) Middle English plommet < Middle French, diminutive of plomb lead; (v.) derivative of the noun See plumb, -et

unplummeted, adjective

3. fall, dive, drop, swoop. Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
plummet (ˈplʌmɪt)
vb , -mets, -meting, -meted
1.  (intr) to drop down; plunge
2.  another word for plumb bob
3.  a lead plumb used by anglers to determine the depth of water
[C14: from Old French plommet ball of lead, from plomb lead, from Latin plumbum]

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009
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Word Origin & History

late 14c., "ball of lead, plumb of a bob-line," from O.Fr. plomet, dim. of plom "sounding lead" (see plumb). The verb is first recorded 1620s, originally "to fathom, take soundings," from the noun. Meaning "to fall rapidly" first recorded 1939.
Online Etymology Dictionary, © 2010 Douglas Harper
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Example sentences
Well before the plummeting value of the dollar was a hot topic, the movement to
  abolish the penny had been gaining currency.
The price of the software that enables such learning experiences is plummeting.
But the firm's problems have extended beyond plummeting sales.
And with prices now plummeting one might predict a return to the age of
  abundant, cheap fossil fuel.
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