Thanks for the reply. Its working for me.
Open Regedit. Navigate to :
Check if these keys exist in right hand pane : RunOnceComplete and RunOnceHasShown .. Set their value to 1. If they dont exist, create these keys.
It seems about blank is set. But while invoking browser again some string "Connecting" is getting displayed on the top corner of the new browser. While opening browser manually its opening with in 5 seconds ie Connecting string connects to about blank page. But while invoking it through QTP sometimes it hangs and QTP throws message Browser does not found. Any solution for this will be appreciable. Thanks.