Basic Solution:
Now sure exactly what problem you had with using \rotatebox, but it seems to work if used as \rotatebox{-90}{$\dashrightarrow$}:

Notes:
Depending on the actual application this might need to be raised vertically, and that can be down with \raisebox:
\newcommand{\dashdownarrow}{\raisebox{2.0ex}{\rotatebox{-90}{$\dashrightarrow$}}}
If it is a binary/relational operator than you can enclose the symbol in \mathbin{}/\mathrel{}:
\newcommand{\dashdownarrow}{\mathbin{\raisebox{2.0ex}{\rotatebox{-90}{$\dashrightarrow$}}}}
Use \mathchoice to auto resize:
As per Gonzalo Medina 's suggestion, to be able to use this for different math sizes such as in subscripts, you can use \mathchoice to ensure that the symbol also adjusts in size depending on the surrounding math environment:

Code:
\documentclass{article}
\usepackage{amssymb}
\usepackage{graphicx}
\newcommand\dashdownarrowi{\mathchoice%
{\rotatebox[origin=c]{-90}{$\displaystyle\dashrightarrow$}}%
{\rotatebox[origin=c]{-90}{$\displaystyle\dashrightarrow$}}%
{\rotatebox[origin=c]{-90}{$\scriptstyle\dashrightarrow$}}%
{\rotatebox[origin=c]{-90}{$\scriptscriptstyle\dashrightarrow$}}%
}
\newcommand{\dashdownarrow}{\mathrel{\dashdownarrowi}}
\begin{document}
$A\dashdownarrow B\quad M_{A\dashdownarrow B}\quad L_{M_{A\dashdownarrow B}}$
\end{document}
Use \text{} for auto resizing (and change size):
egreg had provided a simpler way to get the same effect and that is by enclosing the symbol in \text{}, allows it to re size appropriately:

Notes:
- In this version I added
\scalebox so that you can make the symbol smaller -- adjust the scale factor to suit.
- If you desire to move it vertically you can use
\raisebox{<length>}{}.
Code:
\documentclass{article}
\usepackage{amsmath}
\usepackage{amssymb}
\usepackage{graphicx}
\newcommand\ddaaux{\rotatebox[origin=c]{-90}{\scalebox{0.70}{$\dashrightarrow$}}}
\newcommand\dashdownarrow{\mathrel{\text{\ddaaux}}}
\begin{document}
$A\dashdownarrow B\quad M_{A\dashdownarrow B}\quad L_{M_{A\dashdownarrow B}}$
\end{document}