Before we too far afield here chasing phantoms, you have not really described the entire picture adequately for us to be making any real suggestions yet in my opinion. We know very little about how you are powering this. A couple of things jump out at my right away:
1) What size transformer did you use to step up from 208 to 480V? A really common mistake people make is to ASSume that all you need to cover is the motor FLC, probably around 115A at 480V? If you made that assumption and installed a 112.5kVA transformer (rated 135A), it's way way too small. It's not going to be able to handle the starting current of an 80HP motor going across-the-line, so it will saturate as soon as the motor gets to LRC and the PRIMARY voltage at the CPT will drop precipitously, maybe too fast to be captured by your meter. What size the CPT is becomes irrelevant at that point. For an 80HP motor starting X-Line, I would recommend at LEAST a 225kVA transformer.
2) How are you feeding that transformer on the 208V side? 80HP at 208, PLUS the losses in the transformer, is going to equate to about a 250A feeder circuit which means the cables need to be 350kCMIL even BEFORE you start allowing for voltage drop over distance. Any appreciable distance and you might be looking at 500kCMIL cables! That is not in the least bit trivial. Undersized cables will seriously increase the likelihood of a voltage drop on start up.
Please describe the WHOLE installation in detail before chasing symptoms instead of problems that exist elsewhere.
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