QC35 I Firmware Update - June 12th, 2019 version 3.0.3 has significantly decreased the ANC effect.
Another thread for QC35 II is being worked and Bose also acknowledge the actions being taken against it. What about the first generation QC35 ? We need a fix for this as well.
Some good news
Did several downgrade to my older 2016 QC 35 version 1. Below option worked better.
Downgraded to 2.5.3
Reset the headphones
Upgraded to 3.0.3 by laptop and not app.
Reset the headphones.
Boom, Anc is back. I can now surely distinguish between Low and High ANC option. Still i can see a little lesser ANC than it was before the latest update. Fingures crossed to see a new Update from Bose.
Some more Good News :-
I took my headphones to Bose service center. They compared with the store headphones and they sound exactly the same wrt ANC.
My solution worked.