Probably not, it can in rare cases where a rotor winding shorts to the rotor body near the field end connection slip-ring. But it's 99.99% not likely.
Most common cause is a poor connection from the power to ign. feed all the way through to the wires to the ballast/regulator/alternator B+(usually Dk. Blue). Any and
all connections including bulkheads at the firewall, column connector, ign. sw. itself, splices, etc. If any of these is poor, the regulator sees less V than the battery, so it
thinks it hasn't charged enough yet. The blue wire at the reg. may be seeing 14.3V while the Batt. may be seeing 16.2V. The regulator satisfies itself, w/o an accurate
reference voltage it doesn't know & doesn't care what voltage is actually at the battery.
EDIT: I am going on the assumption that You have a std. '72 squareback alt. and
2 wire electronic regulator..........................
