When we drop the stone in air then during its motion in air the net force on the stone is due to gravity
so its net force is given as

here we know that

so we have

now as soon as it will enter into the water then it will have resistive force due to water as well as buoyant force due to water on it in opposite direction
so the net force on the stone will decrease
so as soon as it will enter into the water the acceleration of stone will decrease due to which the rate of increase in speed of the stone will decrease as it will enter into the water