I agree with Keith.
Let's say you had motor at full load with voltage 5% below nameplate.
Let's also say your full load at rated nameplate conditions is 100rpm (you didn't tell us this number, but I have certainly seen 2-pole 60hz tiny motors with nameplate speeed 3500rpm or even less).
(by the way, give us more complete nameplate information including speed gives a better picture to discuss).
As a first approximation, slip s ~ P * R2 / V^2 where P is airgap power, R2 is rotor resistance, V is supply voltage.
5% low voltage would mean 10% low slip.
If you full load rated nameplate slip was 100 then your slip at 5% low voltage would be 10%*100rpm ~ 10 rpm lower.
If I remember right, NEMA MG-1 says something about 5rpm deviation from nameplate rpm allowed at rated conditions (load, voltage, frequency, maybe temperature). That means there can be a 5 rpm error built into the nameplate even if you consider exact rated conditions.
Combine all the above, it's not hard to imagine reading 20 rpm below what we think we should be based on currrent. (although at low voltage, current may read a little higher than FLA at full mechanical load).
Also do you really know your grid voltage. In US it is stable, but other places not so much.
More importantly, how accurately are you reading the speed. Picking it off of a spectrum... consider the bin width.
A few less likely possibilities: high rotor temperature, rotor degradation. I definitely would NOT jump to these conclusions without further investigation. Current signature analysis is a good test for rotor degradation. Again these are not likely possibilities compared to potential errors discussed above.
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(2B)+(2B)' ?