srikanthnaidu, There is a good chance that the player you purchased has a hacked memory chip and in fact may be smaller than the 2GB that was claimed when you bought the player. The problems you were having prior to upgrading your firmware are all indications of a hacked chip.
You have upgraded your firmware with a version not suited to your player and unfortunatly it is not possible to tell you the exact firmware you need to recover your player as there are 100's of different variations each one for specific player configurations.
Your only option is to start trying other firmware until you find one that is compatible with your player.
There are a couple of PMA300_010 SRX-3.5.37 firmware in the download section
One here for 1.5 LCD
http://www.mympxplayer.org/pma300010...ump-df373.html
One here for 1.8 LCD
http://www.mympxplayer.org/firmware-...010-df385.html
If your player stops responding and is no longer recognised by Windows or the Upgrade tool then you will need to follow the Dead Player Recovery Guide to reset your player.
http://www.mympxplayer.org/dead-play...ide-vt567.html