I have the problem, that I could describe in several steps:
1. Insert 160K into table t_reg_account. Here I use simple insert statement without any hints. I_ACC_PK index on participant_code, 
account_type, account_value, account_sequence.
2. Execute select:
   SELECT * FROM
   ( SELECT ra.* FROM t_reg_account ra
      WHERE ra.participant_code = 'PA1'
        AND ra.account_type = 'P1'
        AND ra.account_value = '111558888888'
   ORDER BY ra.account_sequence desc )
   WHERE rownum = 1;Please note, that subselect returns all 160K row.
   SELECT ra.* FROM t_reg_account ra
      WHERE ra.participant_code = 'PA1'
        AND ra.account_type = 'P1'
        AND ra.account_value = '111558888888'
   ORDER BY ra.account_sequence descIt is executed pretty fast(several consistent gets, from execution plan below)
3. Remove all rows from table t_reg_account using DELETE statement.
4. Execute select from 2. Now the same query consumes several hundreds of consistent gets on empty table. 
I understood that after "delete all statement", I_ACC_PK index is into "inappropriate state" and I found that index rebuild
fixes the problem(I made index analysis, after rebuild it has the same values as at the beginning). However I don't understand
why did this happen. Could you, please, explain me what is wrong with the index and how to fix it.  
All performed steps in details are below.
====================================================================================================================
159299 rows are in t_reg_account
SQL> SELECT * FROM
  2    ( SELECT ra.* FROM t_reg_account ra
  3      WHERE     ra.participant_code = 'PA1'
  4            AND ra.account_type = 'P1'
  5            AND ra.account_value = '111558888888'
  6      ORDER BY ra.account_sequence desc )
  7  WHERE rownum = 1;
1 row is selected
SQL> select * from table(dbms_xplan.display_cursor);
PLAN_TABLE_OUTPUT
----------------------------------------------------------------------------------------------------------------------------
SQL_ID  82wrsqhu9n7yw, child number 2
-------------------------------------
SELECT * FROM   ( SELECT ra.* FROM t_reg_account ra     WHERE
ra.participant_code = 'PA1'           AND ra.account_type = 'P1'
         AND ra.account_value = '111558888888'     ORDER BY
ra.account_sequence desc ) WHERE rownum = 1
Plan hash value: 1606291734
----------------------------------------------------------------------------------------------------------------------
| Id  | Operation                            | Name          | Rows  | Bytes | Cost (%CPU)| Time     | Pstart| Pstop |
PLAN_TABLE_OUTPUT
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
|   0 | SELECT STATEMENT                     |               |       |       |     3 (100)|          |       |       |
|*  1 |  COUNT STOPKEY                       |               |       |       |            |          |       |       |
|   2 |   VIEW                               |               |     2 |  1134 |     3   (0)| 00:00:01 |       |       |
|   3 |    TABLE ACCESS BY GLOBAL INDEX ROWID| T_REG_ACCOUNT | 12806 |  1813K|     3   (0)| 00:00:01 | ROWID | ROWID |
|*  4 |     INDEX RANGE SCAN DESCENDING      | I_ACC_PK      |     2 |       |     2   (0)| 00:00:01 |       |       |
----------------------------------------------------------------------------------------------------------------------
SQL> select * from table(dbms_xplan.display_cursor('82wrsqhu9n7yw', null, 'ALLSTATS LAST'));
SQL_ID  82wrsqhu9n7yw, child number 2
PLAN_TABLE_OUTPUT
------------------------------------------------------------------------------------------------------------------
-------------------------------------
SELECT * FROM   ( SELECT ra.* FROM t_reg_account ra     WHERE
ra.participant_code = 'PA1'           AND ra.account_type = 'P1'
         AND ra.account_value = '111558888888'     ORDER BY
ra.account_sequence desc ) WHERE rownum = 1
Plan hash value: 1606291734
----------------------------------------------------------------------------------------------------------------
| Id  | Operation                            | Name          | Starts | E-Rows | A-Rows |   A-Time   | Buffers |
----------------------------------------------------------------------------------------------------------------
PLAN_TABLE_OUTPUT
------------------------------------------------------------------------------------------------------------------
|   0 | SELECT STATEMENT                     |               |      1 |        |      1 |00:00:00.01 |       4 |
|*  1 |  COUNT STOPKEY                       |               |      1 |        |      1 |00:00:00.01 |       4 |
|   2 |   VIEW                               |               |      1 |      2 |      1 |00:00:00.01 |       4 |
|   3 |    TABLE ACCESS BY GLOBAL INDEX ROWID| T_REG_ACCOUNT |      1 |  12806 |      1 |00:00:00.01 |       4 |
|*  4 |     INDEX RANGE SCAN DESCENDING      | I_ACC_PK      |      1 |      2 |      1 |00:00:00.01 |       3 |
----------------------------------------------------------------------------------------------------------------
Predicate Information (identified by operation id):
---------------------------------------------------
   1 - filter(ROWNUM=1)
PLAN_TABLE_OUTPUT
------------------------------------------------------------------------------------------------------------------
   4 - access("RA"."PARTICIPANT_CODE"='PA1' AND "RA"."ACCOUNT_TYPE"='P1' AND
              "RA"."ACCOUNT_VALUE"='111558888888')
91 rows selected.
SQL> analyze index I_ACC_PK validate structure;
Index analyzed.
SQL> select * from index_stats;
    HEIGHT     BLOCKS NAME                           PARTITION_NAME                    LF_ROWS    LF_BLKS LF_ROWS_LEN LF_BLK_LEN    
---------- ---------- ------------------------------ ------------------------------ ---------- ---------- ----------- ---------- 
         3       1024 I_ACC_PK                                                          159299        899     7156750       8000    
 BR_ROWS    BR_BLKS BR_ROWS_LEN BR_BLK_LEN DEL_LF_ROWS DEL_LF_ROWS_LEN DISTINCT_KEYS MOST_REPEATED_KEY BTREE_SPACE USED_SPACE   
---------- ---------- ----------- ---------- ----------- --------------- ------------- ----------------- ----------- ---------- 
 898          6       33161       8032           0               0        159299                 1     7240192    7189911         
 PCT_USED ROWS_PER_KEY BLKS_GETS_PER_ACCESS   PRE_ROWS PRE_ROWS_LEN OPT_CMPR_COUNT OPT_CMPR_PCTSAVE
------------ ------------ -------------------- ---------- ------------ -------------- ----------------
 100            1                    4          0            0              3               57
DELETE FROM T_REG_ACCOUNT;
0 rows are in t_reg_account
SQL> SELECT * FROM
  2    ( SELECT ra.* FROM t_reg_account ra
  3      WHERE     ra.participant_code = 'PA1'
  4            AND ra.account_type = 'P1'
  5            AND ra.account_value = '111558888888'
  6      ORDER BY ra.account_sequence desc )
  7  WHERE rownum = 1;
no rows selected
SQL> select * from table(dbms_xplan.display_cursor);
PLAN_TABLE_OUTPUT
--------------------------------------------------------------------------------------------------------------------------
SQL_ID  82wrsqhu9n7yw, child number 3
-------------------------------------
SELECT * FROM   ( SELECT ra.* FROM t_reg_account ra     WHERE
ra.participant_code = 'PA1'           AND ra.account_type = 'P1'
         AND ra.account_value = '111558888888'     ORDER BY
ra.account_sequence desc ) WHERE rownum = 1
Plan hash value: 1606291734
----------------------------------------------------------------------------------------------------------------------
| Id  | Operation                            | Name          | Rows  | Bytes | Cost (%CPU)| Time     | Pstart| Pstop |
PLAN_TABLE_OUTPUT
--------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
|   0 | SELECT STATEMENT                     |               |       |       |    74 (100)|          |       |       |
|*  1 |  COUNT STOPKEY                       |               |       |       |            |          |       |       |
|   2 |   VIEW                               |               |     1 |   567 |    74   (0)| 00:00:01 |       |       |
|   3 |    TABLE ACCESS BY GLOBAL INDEX ROWID| T_REG_ACCOUNT |     1 |   145 |    74   (0)| 00:00:01 | ROWID | ROWID |
|*  4 |     INDEX RANGE SCAN DESCENDING      | I_ACC_PK      |     1 |       |    73   (0)| 00:00:01 |       |       |
----------------------------------------------------------------------------------------------------------------------
Predicate Information (identified by operation id):
---------------------------------------------------
PLAN_TABLE_OUTPUT
--------------------------------------------------------------------------------------------------------------------------
   1 - filter(ROWNUM=1)
   4 - access("RA"."PARTICIPANT_CODE"='PA1' AND "RA"."ACCOUNT_TYPE"='P1' AND
              "RA"."ACCOUNT_VALUE"='111558888888')
Note
-----
   - cardinality feedback used for this statement
30 rows selected.
SQL> select * from table(dbms_xplan.display_cursor('82wrsqhu9n7yw', null, 'ALLSTATS LAST'));
SQL_ID  82wrsqhu9n7yw, child number 2
-------------------------------------
PLAN_TABLE_OUTPUT
--------------------------------------------------------------------------------------------------------------------------
-------------------------------------
SELECT * FROM   ( SELECT ra.* FROM t_reg_account ra     WHERE
ra.participant_code = 'PA1'           AND ra.account_type = 'P1'
         AND ra.account_value = '111558888888'     ORDER BY
ra.account_sequence desc ) WHERE rownum = 1
Plan hash value: 1606291734
----------------------------------------------------------------------------------------------------------------
| Id  | Operation                            | Name          | Starts | E-Rows | A-Rows |   A-Time   | Buffers |
----------------------------------------------------------------------------------------------------------------
PLAN_TABLE_OUTPUT
--------------------------------------------------------------------------------------------------------------------------
|   0 | SELECT STATEMENT                     |               |      1 |        |      1 |00:00:00.01 |       4 |
|*  1 |  COUNT STOPKEY                       |               |      1 |        |      1 |00:00:00.01 |       4 |
|   2 |   VIEW                               |               |      1 |      2 |      1 |00:00:00.01 |       4 |
|   3 |    TABLE ACCESS BY GLOBAL INDEX ROWID| T_REG_ACCOUNT |      1 |  12806 |      1 |00:00:00.01 |       4 |
|*  4 |     INDEX RANGE SCAN DESCENDING      | I_ACC_PK      |      1 |      2 |      1 |00:00:00.01 |       3 |
----------------------------------------------------------------------------------------------------------------
Predicate Information (identified by operation id):
---------------------------------------------------
   1 - filter(ROWNUM=1)
PLAN_TABLE_OUTPUT
--------------------------------------------------------------------------------------------------------------------------
   4 - access("RA"."PARTICIPANT_CODE"='PA1' AND "RA"."ACCOUNT_TYPE"='P1' AND
              "RA"."ACCOUNT_VALUE"='111558888888')
SQL_ID  82wrsqhu9n7yw, child number 3
-------------------------------------
SELECT * FROM   ( SELECT ra.* FROM t_reg_account ra     WHERE
ra.participant_code = 'PA1'           AND ra.account_type = 'P1'
         AND ra.account_value = '111558888888'     ORDER BY
ra.account_sequence desc ) WHERE rownum = 1
Plan hash value: 1606291734
PLAN_TABLE_OUTPUT
--------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
| Id  | Operation                            | Name          | Starts | E-Rows | A-Rows |   A-Time   | Buffers |
----------------------------------------------------------------------------------------------------------------
|   0 | SELECT STATEMENT                     |               |      1 |        |      0 |00:00:00.01 |     901 |
|*  1 |  COUNT STOPKEY                       |               |      1 |        |      0 |00:00:00.01 |     901 |
|   2 |   VIEW                               |               |      1 |      1 |      0 |00:00:00.01 |     901 |
|   3 |    TABLE ACCESS BY GLOBAL INDEX ROWID| T_REG_ACCOUNT |      1 |      1 |      0 |00:00:00.01 |     901 |
|*  4 |     INDEX RANGE SCAN DESCENDING      | I_ACC_PK      |      1 |      1 |      0 |00:00:00.01 |     901 |
----------------------------------------------------------------------------------------------------------------
PLAN_TABLE_OUTPUT
--------------------------------------------------------------------------------------------------------------------------
Predicate Information (identified by operation id):
---------------------------------------------------
   1 - filter(ROWNUM=1)
   4 - access("RA"."PARTICIPANT_CODE"='PA1' AND "RA"."ACCOUNT_TYPE"='P1' AND
              "RA"."ACCOUNT_VALUE"='111558888888')
Note
-----
   - cardinality feedback used for this statement
121 rows selected.
SQL> analyze index I_ACC_PK validate structure;
Index analyzed.
SQL> select * from index_stats;
    HEIGHT     BLOCKS NAME                           PARTITION_NAME                    LF_ROWS    LF_BLKS LF_ROWS_LEN LF_BLK_LEN    
---------- ---------- ------------------------------ ------------------------------ ---------- ---------- ----------- ---------- 
         3       1024 I_ACC_PK                                                           35621        899     1600589       8000      
BR_ROWS    BR_BLKS BR_ROWS_LEN BR_BLK_LEN DEL_LF_ROWS DEL_LF_ROWS_LEN DISTINCT_KEYS MOST_REPEATED_KEY BTREE_SPACE USED_SPACE   
---------- ---------- ----------- ---------- ----------- --------------- ------------- ----------------- ----------- ---------- 
     898          6       33161       8032       35621         1600589         35621                 1     7240192    1633750         
PCT_USED ROWS_PER_KEY BLKS_GETS_PER_ACCESS   PRE_ROWS PRE_ROWS_LEN OPT_CMPR_COUNT OPT_CMPR_PCTSAVE
---------- ------------ -------------------- ---------- ------------ -------------- ----------------
23            1                    4          0            0              3               56