As per my judgement it looks that the engine is running lean and the oil rings are faulty. Right ?
The most confusing part is there is No apparent drop in oil level and no visible white smoke at high RPM.

As soon as I get some more time I will swap the carburetor(with splendor's) and check the plugs.
EDIT:
I also suspect misfiring/ low spark intensity due to faulty spark plug cable and cap.
Got a nice jolt when I was moving it and cap came off and wire was somewhat rusted.Shall I change ignition coil and cables as my bike has done over 205k kms on it ?
Sorry for troubling you guys.



. You can read my effort on cleaning this carb here - 

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