That transformer is overloaded pretty bad. You're going to burn it out faster working it like that.
Anyway, I'm not sure if the transformer could be causing that because I've never dealt with one that was overloaded that much. I think it is possible that if the core was fully saturated and you kept pushing then the voltage might dip, but that is speculation on my part.
What I can say is that if the transformer is the problem, EVERYTHING will be affected, not just drives. Is your whole building having this problem, or are you only having trouble with drives?