Toshiba Satellite C50-A X0011 - Malfunctioning USB 2.0 port

I have two USB 2.0 ports and one USB 3.0 port on my Toshiba Satellite laptop. Of these two 2.0 ports, one of the port malfunctions. If I plug in a HDD or a pen drive, it detects it and makes it accessible only for the next minute or two. After that, it automatically ejects the drive and reads it again. And the process goes on in a loop.

Due to this, I'm able to use this port only for a wired mouse or charging my phone. I've already tried uninstalling/re-installing/updating drivers but no luck.

Please advise a solution. Thanks.