If the motor is rated 380-420 Volts at 50 Hz. To maintain the Volts per Hertz ratio at 60 Hz it will want to see
380V-420V x 60Hz/50Hz = 456V-504V. Those are delta connection voltages. Wye connected voltages will be higher.
Your motor is operating on a serious under voltage. At full load, the current will be above rated current and the motor will overheat.
Your motor shows a rated voltage of 440-480 Volts at 60 Hz.
The motor will perform the best if you run the voltage up to 480 Volts.
White smoke from a diesel generally indicates unburned fuel.
That indicates possible serious mechanical issues with the right bank.
Losing RPM under load is another sign of serious mechanical issues.
It may be a failed right side turbo, but it sounds more serious than that.
Possibly the cooling circulation to the right bank was impaired and the rings have been damaged.
Many years ago, I saw a small 15 KVA set run to destruction without oil.
The shop looked at the engine and then asked;
"What is your tax position?"
"What's that have to do with the cost of repairs?"
"Well if you are in a position to write the cost of repairs off your taxes, we can repair the engine for $4400. If you are not in a position to write the cost off taxes we can supply and instal a new engine for $4000."
Why did your question remind me of that?
Get ready for a similar question.
Probably going to be expensive.
Oh, the good news; It is extremely unlikely that the low voltage issue is in any way related to the white smoke.
Bill
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"Why not the best?"
Jimmy Carter