I want to create a drop-down menu like the following in react native. Please suggest a way to do it.

Just install react-native-popup-menu and use it as explained in the docs.
you can build that three dots easily by using react-native-elements with this code (Just for 3 dots):
import { Icon } from 'react-native-elements';
.
.
.
<Icon
name={'dots-three-vertical'}
type={'entypo'}
size={20}
color='#FFF'
/>
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