The slave failed with the error that the relay binlog is corrupt. It had copied close to 12 binlogs from the master and they were yet to be applied. Unfortunately those binlogs have been purged on the master. Now to sync up cleanly we might have to refresh data from the master which can be costly since it was a 290 GB database. We had the option of shutting down the server. We thought we can try our luck with a crazy hack. We shutdown the server. Tried reading the binlog using mysqlbinlog utility from the corrupt position. It failed as expected. Then we tried reading from the next immediate position and it went through fine. Now we had a proof that our hack might work. We opened the relay-log.info and incremented the second row by a value of one. Then we started the server. Boom, the slave started running and we were saved from a great pain of resyncing the slave.
PS : We might have missed one transaction in this hack, but that was ok for our use case.