My phone fell into the water

@pravasthireddy sounds like you are running into corrosion issues.

For now, you must stop continuing to try to charge, sync or otherwise use your phone. This potentially can make a bad situation worse. This may further damage your phone.

The very first step I would take is to disassemble your phone. Since iFixit does not yet have a specific guide for this phone, use something like this video Remove the main board and the charging board. You will have to remove all the EMI shields from those two boards. If you do not remove the shields, you are not cleaning the board.

Now take a close look at all components and connectors. Look for any corrosion, even evaluate the pins in the connectors etc,. Take a look at all connectors as well as cable ends. Once you got any gross contamination cleaned, use 90%+ isopropyl alcohol and clean your parts some more. For a proper cleaning, use this guide. It was written for an Apple iPhone 3G but all the steps are still pertinent to your phone as well. I can not stress the importance of a good cleaning enough, so do it over and over while replacing the alcohol after each cleaning.

The importance here is the cleaning. It would of course be best to get it ultrasonically cleaned Do not forget to replace the battery. This is a must and not an option. It will fail if you do not take care of it now.

After that, I always consider replacing the charging board. There are no schematics for this and replacing it, is usually better. Those boards are luckily not expensive and readily available. Replace the battery and reassemble your phone and re-evaluate. For as long as you have not cleaned your board and replaced the battery, everything will only be a guess. Keep in mind that water damage is the hardest to troubleshoot and to repair.

Anything that may appear odd to you or looks damaged, you can always take some pictures of that and add those to you Question. That way we can see what you see. Adding images to an existing question

While you work on your phone, take lots of pictures. Once you are done with it, take those pictures and create a guide for iFixit. That will help the next person that has a device with the same issues as you do. It's easy and fun to create these guides. https://ifixit.com/Guide/new The iFixit community will appreciate this.

Repair is War on Entropy!