Hi Karthik,
I see this sometimes as well and believe it to be a cache issue on the portal server. I get around it by logging out of the portal session, deleting cache in the browser and then logging back into the portal. That usually does the trick.
If you have the System Admin role in your portal, you can try refreshing the portal's cache there, but I feel that takes a bit longer to step through than just logging out and clearing the browser cache.
Good luck. 
Amy