Update

Tried the transmission and filter as Bob suggested but there was no improvement in the reverse situation. There was a lot of clutch residue in the oil. Got the repair done. Reverse clutches were shot. The mechanic showed them to me. He also replaced one seal. Mechanic test drove the car before the repair and as the forward shifts were very good just did the reverse. Car was out for a bill of $700. Transmission is smooth. Time will tell if my gamble paid off.
Thanks everybody

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SANDEEEP
89 300SEL
230,000Km