Hi Mayank,
If the script was recorded in a newer version of LoadRunner it could be causing the problem.
LR 11.03 supports web_reg_save_param_regexp and it is available in the function reference starting from LoadRunner 11.01. KM1088844
As per the following document: C interpreter run time error when using web_global_verification & web_reg_save_param_regexp you can check if the script contains web_global_verification before web_global_verification.
However if the function is not available in the function reference, I guess that there could be an issue with your installation of LR or VuGen. Please review the following KM: What patches are available for LoadRunner 11 and the order they should be installed?
You will see that you should have Critical patch and LR patch 3 installed on top of LR 11.00.
Both BPM 9.13/9.03 support VuGen 11.03 so you can try to reply the script in BPM in case it was recorded and replays successfully in LoadRunner 11.03.
You can find BPM – VuGen Compatibility matrix in the following post http://h30499.www3.hp.com/t5/LoadRunner-Support-Customer/LR-Support-Tip-BPM-9-23-now-supports-VuGen-11-52/m-p/6306323#M999
Kind regards,