The Equatorial Spread-F (ESF) phenomenon is recorded in ionograms as a hierarchy of plasma instabilities in the F-layer of the equatorial ionosphere. The ESF is characterized by irregularities in the plasma (electron and ion) density and electric field distributions perpendicular to the Earth’s magnetic field. Large scale irregularities are generated by a primary plasma instability that develops in electric fields and plasma densities. Other secondary instabilities then develop and generate irregularities at several scale sizes that often produce a plasma ‘hole’ or ‘bubble’ that rises up with high E× B velocities. The ESF/plasma bubble phenomenon has been studied extensively with experimental techniques and modeling, which revealed important features. In the bottom side F-layer, near sunset, when the vertical density gradient steepens as the layer is supported by the horizontal (North–South) Earth’s magnetic field lines against the omnipresent Earth’s gravitational acceleration ( g), the plasma conditions can give rise to Rayleigh–Taylor (RT) type instability. But the observed day to day variability of the ESF occurrence suggested that other agencies may also be involved in generating the instability. Sekar and Raghavarao (1987) with linear theory, and Raghavarao, Sekar and Suhasini (1992), with non-linear numerical modeling, suggested that vertical downward (upward) winds in the ambient gas have the potential to cause (inhibit) the ESF/bubble phenomenon. The presence of downward winds near the equator was reported earlier. In this paper, we show evidence for the presence of downward winds collocated with irregularities in electric fields and plasma densities as revealed by an unique combination of highly accurate measurements with instruments onboard the DE-2 satellite. The observations reported here are also consistent with the notion that the build-up of the equatorial ionization anomaly (EIA) prior to local sunset is important for the ESF instability.