The firmware and power supply update done by Airtel technician did not help. The lines continues to drop during certain times of the day.
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Had another Airtel technician(s) come over today to check the physical line out. The SNR levels (as measured via statsadsl.html on the modem’s HTTP interface) was <10db and the Total ES was >2. Ideally, the SNR should be >30db while the Total ES should be 0. I hope it stays fixed now.