ORA-00542: Failure during SSL handshake error while connecting to Oracle autonomous database

We have a ASP.NET application that use oracle autonomous database as a transaction database. Application connects to the database using Oracle Wallet that is unzipped to application root directly and configured web config file properly and everything seems okay in dev environment. But when we host application in IIS that gives below error message.

PS: Please note that no oracle software installed on IIS web server.

    The credentials supplied to the package were not recognized
Description: An unhandled exception occurred during the execution of the current web request. Please review the stack trace for more information about the error and where it originated in the code. 

Exception Details: System.ComponentModel.Win32Exception: The credentials supplied to the package were not recognized

Source Error: 

An unhandled exception was generated during the execution of the current web request. Information regarding the origin and location of the exception can be identified using the exception stack trace below.

Stack Trace: 


[Win32Exception (0x80004005): The credentials supplied to the package were not recognized]
   System.Net.SSPIWrapper.AcquireCredentialsHandle(SSPIInterface SecModule, String package, CredentialUse intent, SecureCredential scc) +8887441
   System.Net.Security.SecureChannel.AcquireCredentialsHandle(CredentialUse credUsage, SecureCredential& secureCredential) +326
   System.Net.Security.SecureChannel.AcquireClientCredentials(Byte[]& thumbPrint) +2638
   System.Net.Security.SecureChannel.GenerateToken(Byte[] input, Int32 offset, Int32 count, Byte[]& output) +339
   System.Net.Security.SecureChannel.NextMessage(Byte[] incoming, Int32 offset, Int32 count) +8358679
   System.Net.Security.SslState.StartSendBlob(Byte[] incoming, Int32 count, AsyncProtocolRequest asyncRequest) +35
   System.Net.Security.SslState.ProcessReceivedBlob(Byte[] buffer, Int32 count, AsyncProtocolRequest asyncRequest) +74
   System.Net.Security.SslState.StartReceiveBlob(Byte[] buffer, AsyncProtocolRequest asyncRequest) +186
   System.Net.Security.SslState.CheckCompletionBeforeNextReceive(ProtocolToken message, AsyncProtocolRequest asyncRequest) +345
   System.Net.Security.SslState.ProcessReceivedBlob(Byte[] buffer, Int32 count, AsyncProtocolRequest asyncRequest) +74
   System.Net.Security.SslState.StartReceiveBlob(Byte[] buffer, AsyncProtocolRequest asyncRequest) +186
   System.Net.Security.SslState.CheckCompletionBeforeNextReceive(ProtocolToken message, AsyncProtocolRequest asyncRequest) +345
   System.Net.Security.SslState.ProcessReceivedBlob(Byte[] buffer, Int32 count, AsyncProtocolRequest asyncRequest) +74
   System.Net.Security.SslState.StartReceiveBlob(Byte[] buffer, AsyncProtocolRequest asyncRequest) +186
   System.Net.Security.SslState.CheckCompletionBeforeNextReceive(ProtocolToken message, AsyncProtocolRequest asyncRequest) +345
   System.Net.Security.SslState.ForceAuthentication(Boolean receiveFirst, Byte[] buffer, AsyncProtocolRequest asyncRequest) +203
   System.Net.Security.SslState.ProcessAuthentication(LazyAsyncResult lazyResult) +769
   OracleInternal.Network.TcpsTransportAdapter.Negotiate(ConnectionOption conOption) +2372

[NetworkException (0x80004005): ORA-00542: Failure during SSL handshake]
   OracleInternal.Network.OracleCommunication.DoConnect(String tnsDescriptor) +350
   OracleInternal.ServiceObjects.OracleConnectionImpl.Connect(ConnectionString cs, Boolean bOpenEndUserSession, OracleConnection connRefForCriteria, String instanceName) +990

[OracleException (0x80004005): ORA-00542: Failure during SSL handshake]
   OracleInternal.ConnectionPool.PoolManager`3.Get(ConnectionString csWithDiffOrNewPwd, Boolean bGetForApp, OracleConnection connRefForCriteria, String affinityInstanceName, Boolean bForceMatch) +13234
   OracleInternal.ConnectionPool.OraclePoolManager.Get(ConnectionString csWithNewPassword, Boolean bGetForApp, OracleConnection connRefForCriteria, String affinityInstanceName, Boolean bForceMatch) +1278
   OracleInternal.ConnectionPool.OracleConnectionDispenser`3.Get(ConnectionString cs, PM conPM, ConnectionString pmCS, SecureString securedPassword, SecureString securedProxyPassword, OracleConnection connRefForCriteria) +2185
   Oracle.ManagedDataAccess.Client.OracleConnection.Open() +3775
   OracleTest.BusinessLogic.TestBL.GetData() +175
   OracleTest.Controllers.HomeController.Contact() +422
   lambda_method(Closure , ControllerBase , Object[] ) +87
   System.Web.Mvc.ReflectedActionDescriptor.Execute(ControllerContext controllerContext, IDictionary`2 parameters) +229
   System.Web.Mvc.ControllerActionInvoker.InvokeActionMethod(ControllerContext controllerContext, ActionDescriptor actionDescriptor, IDictionary`2 parameters) +35
   System.Web.Mvc.Async.AsyncControllerActionInvoker.<BeginInvokeSynchronousActionMethod>b__39(IAsyncResult asyncResult, ActionInvocation innerInvokeState) +39
   System.Web.Mvc.Async.WrappedAsyncResult`2.CallEndDelegate(IAsyncResult asyncResult) +77
   System.Web.Mvc.Async.AsyncControllerActionInvoker.EndInvokeActionMethod(IAsyncResult asyncResult) +42
   System.Web.Mvc.Async.AsyncInvocationWithFilters.<InvokeActionMethodFilterAsynchronouslyRecursive>b__3d() +72
   System.Web.Mvc.Async.<>c__DisplayClass46.<InvokeActionMethodFilterAsynchronouslyRecursive>b__3f() +387
   System.Web.Mvc.Async.AsyncControllerActionInvoker.EndInvokeActionMethodWithFilters(IAsyncResult asyncResult) +42
   System.Web.Mvc.Async.<>c__DisplayClass2b.<BeginInvokeAction>b__1c() +38
   System.Web.Mvc.Async.<>c__DisplayClass21.<BeginInvokeAction>b__1e(IAsyncResult asyncResult) +188
   System.Web.Mvc.Async.AsyncControllerActionInvoker.EndInvokeAction(IAsyncResult asyncResult) +38
   System.Web.Mvc.Controller.<BeginExecuteCore>b__1d(IAsyncResult asyncResult, ExecuteCoreState innerState) +29
   System.Web.Mvc.Async.WrappedAsyncVoid`1.CallEndDelegate(IAsyncResult asyncResult) +73
   System.Web.Mvc.Controller.EndExecuteCore(IAsyncResult asyncResult) +52
   System.Web.Mvc.Async.WrappedAsyncVoid`1.CallEndDelegate(IAsyncResult asyncResult) +39
   System.Web.Mvc.Controller.EndExecute(IAsyncResult asyncResult) +38
   System.Web.Mvc.MvcHandler.<BeginProcessRequest>b__5(IAsyncResult asyncResult, ProcessRequestState innerState) +43
   System.Web.Mvc.Async.WrappedAsyncVoid`1.CallEndDelegate(IAsyncResult asyncResult) +73
   System.Web.Mvc.MvcHandler.EndProcessRequest(IAsyncResult asyncResult) +38
   System.Web.CallHandlerExecutionStep.System.Web.HttpApplication.IExecutionStep.Execute() +602
   System.Web.HttpApplication.ExecuteStepImpl(IExecutionStep step) +195
   System.Web.HttpApplication.ExecuteStep(IExecutionStep step, Boolean& completedSynchronously) +128

Please help me to resolve this issue. Thank you in advance.