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@nehamahajan,
We keep improving our product on every update. The space between axis label & ticks are improved to make it look better & bring consistency across all the axes (axisX, axisX2, axisY & axisiY2). This change has happened in one of our updates because of which it might look different between v2.3.2 & v3.2.18. If you like to reduce space between axis-line & axis-label, you can do so by reducing the tickLength.
— Vishwas R Team CanvasJS