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After update was clicking under volume parameters the glusterfs client cannot be mounted. It gives transport end-point not connected. After checking the volume files on the server it was seen that glusterfs server daemon was not restarted at all after the volume updation and it was running in an old port. Volume files were reflecting 10004 but the netstat -ntlp yielded that glusterfs daemon was running at 10002 port.
This is required behavior that remounting should be done at client side after restarting volume.