yes there is more than a chance of leakage. The bath itself just has a hole in it, the 'plug hole' fitting goes in from the top & is secured by a slip ring that screws on from underneath, the seal between the flange of the plug hole & the bath should be made waterproof using plumbers putty ('boss white').
If it has come loose I would be looking at dismantling it, cleaning it up & re-assembling with a fresh dollop of 'boss white'.