Lambda did not stabilize error in Lambda deployment

We are getting the following error in deploying lambda through cloud formation. It was working fine for many months. We did not change our cloudformation template recently.

Resource handler returned message: "Resource of type 'AWS::Lambda::Version' with identifier 'arn:aws:lambda:ap-south-1:{ACCOUNT_ID}:function:ProfileServiceDevWavedevProfileServiceLambdaFunction:471' did not stabilize. Status Reason is An error occurred during function initialization." (RequestToken: , HandlerErrorCode: NotStabilized)