Yes, I just lost a crop due to the same. Stem rot, and it can spread to root rot.
You can try drying the stem out by removing some medium and using a fan, also dab some h202 on the nasty part. Sometimes after a major droop it is unrecoverable, the main water delivery system in the stalk has collapsed and the plant can no longer drink. High water levels is what rotted my crop as well.