(In the sense of switching seating places from somewhere up to down. Think of someone sitting on a table then switching to the floor. Usually used with a self reference - "sich+Acc runtersetzen".)
2.
to reduce in price
(Especially "runtergesetzt" is pretty common in daily life conversations. )
3.
to sit down under it
(In the literal sense of taking a seat under something. Like, think of a tree during a rainfall. Usually used reflexively - "sich+Acc druntersetzen". )
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We haven't talked about this word in an article in detail. Just leave your questions in the discussion section here, and I'll answer all them :)