noun Also, nose dive.
a plunge of an aircraft with the forward part pointing downward.
a sudden sharp drop or rapid decline: a time when market values were in a nosedive.
verb (used without object), nosedived or nosedove, nosedived, nosediving. Also, nose-dive.
to go into a nosedive: a warning that prices might nosedive.

1910–15; nose + dive Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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Slang Dictionary

nosedive definition

  1. n.
    a great drop; a great decline. (As with a bird or an airplane diving—nose first—toward the ground. See also take a nosedive.) : This year our profits have taken a nosedive.
Dictionary of American Slang and Colloquial Expressions by Richard A. Spears.Fourth Edition.
Copyright 2007. Published by McGraw-Hill Education.
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Example sentences
They'll also experience a split second of weightlessness as they nosedive down the mountainous drop.
And their conversational skills took the biggest nosedive while they were
  trying to navigate intersections or handle traffic.
But if the order is inverted, the plane will take a nosedive.
Or the impact may have come first, weakening ecosystems enough that when the
  eruptions started, life took a nosedive.
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