First, get the .Net add-in. It's very important. I don't believe you're going to get far with a .Net application but no .Net add-in for QTP. You can do it, but it will be wrestling alligators the whole way.
Soooooo much easier with the add-in.
Second, usually what you're trying to do is two lines of script. The first line clicks the listbox to open the list, the second line clicks the list item. It doesn't look like it's recording this way, so it's quite possible this is an issue with your not having the add-in.
I really think you should get the add-in and try it again, and if you're still having problems (after all, getting the add-in might clear this right up), then post again about what's happening with the add-in.
"The last 10% of any software project will take 90% of the budgeted time. The first 90% will take the other 90%"
Appreciate your suggession, But I already tried with "\" . Thing is that when It should first recognize the dropdown then the items should select as link. But when I click on dropdown arrow while recording script is not generating. and when I select the Item it generate the script as a link.
So while descriptive It should go to dropdown first and therefor error is displaying as "link" property is not identifying.
I hope you got the scenario. Please tell me if you have any other way.
First you need to purchase the .Net add-in from HP, if you do not have one.
If you want to try the demo version, try the evaluation link provided by Kobi Buber and find out if the add-in will resolve your issue.