When the magnet is allowed to fall vertically along the axis of loop with its north pole towards the ring. The upper face of the ring will become north pole in an attempt to oppose the approaching north pole of the magnet. Therefore the acceleration in the magnet is less than g.
Note : If coil is broken at any point then induced emf will be generated in it but no induced current will flow. In this condition the coil will not oppose the motion of magnet and the magnet will fall freely with acceleration g. (i.e. a = g)