Just want to post an update. I contacted Hisense support and they provide the latest firmware which looks to resolve the issue. TV came with firmware version I0929, now it has been upgraded to I1130.
If anyone of you are facing the same issue, please contact Hisense support and ask them to provide latest firmware. Please keep in mind that Hisense OTA (Over the air) update does not work, though option is there in menu. You have to upgrade using USB.