Hello Nikhil,
Have you tried with different download options.
1) Click on the button 
and download.
2) List --> export --> spreadsheet --> All available formats---> choose your excel version and download.
3) System ---> list ---> save --> local file.
I guess 1 and 3 are similar options as both calls local file saving.
In step 3 you can try with different formats.
Regards,
TP