code: public boolean isTextPresentInDropDown(final By by, final String text) {
  		WebElement element = driver.findElement(by);
  		List<WebElement> options = element.findElements(By
  				.xpath(".//option[normalize-space(.) = " + escapeQuotes(text)
  						+ "]"));
  		return options != null && !options.isEmpty();
  	}
docs: Checks if a text is displayed in the drop-down. This method considers the
  actual display text. <br/>
  For example if we have the following situation: &lt;select id="test"&gt;
  &lt;option value="4"&gt;June&lt;/option&gt; &lt;/select&gt; we will call
  the method as follows: isValuePresentInDropDown(By.id("test"), "June");
  
  @param by
  the method of identifying the drop-down
  @param text
  the text to search for
  @return true if the text is present or false otherwise