Time period of a pendulum is given by T=2πgL, where L is the length of the pendulum and g is the acceleration due to gravity.
As, T∝g1, so the time period of vibration of the pendulum clock increases i.e. it starts taking more time to complete each vibration. Therefore, the pendulum clock becomes slow.
The acceleration due to gravity decreases with height h (h≪R) above the surface as:
g′=g(1−Rh)
Thus, value of g is less at Mount Everest than its value on the surface of earth.
Hence, assertion is wrong, but reason is correct.