Bad NIMH Battery?

My 7.2V battery pack, 3800 mAh is acting funny. I get just about the full rated voltage, so my charger doesn't go into fast charge mode as a result of this, which does make sense. However, it is at the point where it drops to 5.43 volts under a modest load (72 milli-amps) but then if left alone, it will eventually recover to full rated voltage. Is the pack defective?

Yes, it is likely one of the cells is bad, but still having some chemical reaction to provide voltage, but cannot provide current any longer.