From law of conservation of angular momentum if no external torque is acting upon a body rotating about an axis, then the angular momentum of the body remains constant that is
$J=I \omega=$ constant
Hence, if $I$ decreases, $\omega$ increases and viceversa. When liquid is dropped, mass increases hence $I$ increases $\left(I=m r^{2}\right)$. So, $\omega$ decreases, but as soon as the liquid starts falling $\omega$ increases again.