Borewell is 240 feet but there is less water yield - Should I dig a new borewell or increase depth to 300 ft

This borewell was dug up to 240 feet in 2004 and yield was very good initially. It depleted by 2010. We removed the pump and repaired, some improvement was seen. Again removed a week back and installed a new pump with every fittings changed, now it runs for 10 minutes with 1/4th the yield. Can working further in this borewell by digging 300 feet further be fruitful or do I need to dig another borewell increasing the depth. An answer by your experts panel will be highly helpful.

Regards,
Vasudevan

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