Starting torque varies at the square of the voltage reduction, so at 480V, the applied voltage is at 83.5% of rated, so the starting torque will be reduced to roughly 70% of normal. Running torque will be reduced at the rated voltage drop, so 83.5%. The motor will technically spin at the same theoretical synchronous speed, because the speed has to do with the frequency which I assume has not changed. But because of the loss of torque, the motor is now less capable of keeping the load spinning and you will increase the slip, meaning the RPMs will drop a little, but an increase in slip causes the motor to pull more current until it either accelerates the load back to normal slip speed, or it over loads. If the motor is over designed for the application, i.e. 25% larger than it needed to be, then the loss of torque many not be a problem. Likewise if the motor is not loaded, or the load is reduced commensurately to the loss of torque, it also may run just fine this way.
"Will work for salami"