A good guideline for whether to truncate a y-axis or not is that the conclusion that a reasonable and knowledgeable researcher would draw after looking at the data should be clearly implied based on a quick cursory glance at the chart. If the chart implies an unreasonable conclusion based on a cursory glance, then it might be said to be misleading. A chart's purpose is to convey information quickly, not to convey information precisely -- for that, a table is often better.
In the example, the true effect is that there was a ~50% decrease, which is newsworthy and interesting in and of itself. Yet, intentionally or not, the chart implies a ~100% decrease based on a quick glance, and so fails to highlight the conclusion that a reasonable person would draw from the underlying data. In this case, I would say a y-axis from 0-60% would be appropriate.