Google launched a huge update on 24th April, which affected many sites. They have changed their ranking algorithms. This has affected your site temporarily as this is a massive change all across the globe. This update has been criticized as the criticism was also done to introduce change in Panda and Vince algorithm. But change couldn’t stay for long. Go through entire history on Google Panda algorithms change history to make sure you will not affect in future.
The objective of Penguin algorithms is to target web spam including Spammed Title, Poor or Duplicate Content, Hidden Text, Keyword Stuffing, Clocking, Link Spam and Schemes.
To correct the problems, you should send Google a request for re-consideration by going to your Webmaster Tools
Here is the official link to the update:
I hope this will help you recover from Penguin updates.