Raj,
When you assign the new IP settings to the module, make sure you properly set the gateway. In a recent upgrade that I performed (OS and Software), I found that as soon as I assigned an IP, I would lose communication with the module. After some troubleshooting (and hair pulling), I discovered that the gateway values were incorrect and setting them to the computer (it was a private network of two FP banks and a computer) fixed the communications problem. I think the older OS was a little more forgiving of Gateway settings. Also, double check to make sure that the Reset IP Address DIP switch has not been set.
Regards,
Aaron
LabVIEW Champion, CLA, CPI