$\frac{{{E_2}}}{{{E_1}}} = \frac{{{P_2}}}{{{P_1}}} = \frac{{{V_1}}}{{{V_2}}} \times \frac{{{T_2}}}{{{T_1}}} = \left( {\frac{1}{4}} \right) \times \left( {\frac{{400}}{{300}}} \right) = \frac{1}{3}$ $⇒$ ${E_2} = \frac{{{E_1}}}{3}$
i.e. elasticity will become $\frac{1}{3}$ times.