I am afraid repairing a hall effect sensor is out of my range, the only thing I can think of is if there is a magnet stuck to the sensor.
The output is so great compared to the intended output that I would expect that the sensor circuitry has become damaged in some way.
I think, but do not know, that the device is very simple: a sensor in a field concentrating iron ring and the output is based on the magnetic field strength generated by the current flow, so I cannot see how you could get the sort of readings you get without there being something very wrong.
However this is just my view of the situation and could be erroneous.