Hi anilA,
How do you setup the Multiselect field? it a custom field created with Types?
I tested it in my localhost, it works fine, please try this:
1) deactivate other plugins and switch to wordpress default theme,
2) enable wordpress debug mode, repeat the actions you mentioned above, and post the debug logs here.
http://wp-types.com/documentation/user-guides/debugging-types-and-views/