I guess the relay is acting as under voltage relay instead. Testing the relay should clear the issue.
Typical Under voltage relay remains pickedup during voltage healthy conditions, dropping off whenever the voltage falls below the set point. Whereas, a typical overvoltage relay remains off during voltage healthy conditions, dropping off when the voltage exceeds the set point. Thus, if the relay is electromechanical type, a look at the relay could throw some light.
Trust the above is helpful.