The most common and most likely answer to this crossword clue is the 9 letter word NOSEDIVES
I've seen this crossword clue in Independent
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More clues leading to the result NOSEDIVES
Buddy explains!

The straight part
We know that "Falls headlong" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case falls headlong = nosedives.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 NOSEDIVES mean?
NOSEDIVES noun- A headfirst fall or jump.
- A rapid fall in price or value.
- (of aircraft) To dive down in a steep angle.
- To perform a rapid fall in price or value.