The most common and most likely answer to this crossword clue is the 9 letter word PRECIPICE
I've seen this crossword clue in The Daily Telegraph
P
R
E
C
I
P
I
C
E
More clues leading to the result PRECIPICE
- Steep drop in price amended, then restated without right
- Price changed, price not right? Precarious situation!
- It's very steep price, at first absurd, then reduced by sovereign
- Cliff, Charlie and I, dividing homework, finish off
- Recipe with pic strangely making you gorge
- Drop high price twice, with a rand off
- Drop illustration in laid-out recipe
- Price altered a bit heartlessly in steep location
- Sheer drop in cost is epic, possibly
- City with little change in cost – it’s naturally seen as steep?
Buddy explains!

The straight part
We know that "Drop" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case drop = precipice.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does PRECIPICE mean?
PRECIPICE noun- A very steep cliff.
- The brink of a dangerous situation.
- A headlong fall or descent.