Plate around one minute in sink (8)
I believe the answer is:
diminish
'sink' is the definition.
(I know that sink is a more specific form of the action drop)
'plate around one minute' is the wordplay.
'plate' becomes 'dish' (type of plate).
'around' is an insertion indicator.
'one' becomes 'i' (Roman numeral).
'minute' becomes 'min' (abbreviation).
'i'+'min'='imin'
'dish' placed around 'imin' is 'DIMINISH'.
'in' is the link.
(Other definitions for diminish that I've seen before include "Peter out" , "Grow smaller, shrink" , "Make or become smaller" , "sink" , "Contract" .)