85 300CD no charge to battery

I'm not getting charging to the battery. I have replaced the voltage regulator on the alternator (the old regulator brushes where about worn out), but did not get any change in the charge to the battery. At idle, voltage to battery shows 11.9v and dropping. When rpm increased, voltage will increase to 12.35v max, than right down below 12v when back to idle. What am I missing?

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