We are using sandbox environment and this was working fine and tested.Suddenly it started to give this error.
Thanks Rich for the support.
We analysed the request from the web server.For consumable items,we were sending password parameter with empty string value to https://sandbox.itunes.apple.com/verifyReceipt end point.This request was working fine previously.
Now in order to make it work,we need to remove password parameter for consumable items to the https://sandbox.itunes.apple.com/verifyReceipt end point.
Hope this change will fix this issue for others also.