Hi MandarGovind,
The error message indicates that the hard drive has encountered failure and has to be replaced
You can check the warranty status here.
If the computer warranty is active, I request you to private message the system service tag number. To private message, accept my friend request; click on my user name and click start conversation.
In case of expired warranty scenario, we would not be able to extend warranty entitled services. If the warranty on the computer has expired, you may contact our Expired Warranty Services. (this is for US based customers).
For any clarifications feel free to contact me.