Krish,
My apologies, that's what I get for doing a quick read/reply
I have not done much with HTTPS (most of what I have been involved with is the setting the certificates on the server side). Hopefully someone with practical experience with HTTPS will see this and jump in.
In the meantime, have you looked at examples found from a google search? There are a number of examples that aren't exactly what you are doing but have some different properties (Example1) that are being set that you may want to look into to see how they are set up on your environment as well as dumping the certs and such to show you have a good connection (Example2):
Example1
Example2
As a side question, are you able to try making your connection using HTTP first to verify those mechanics work? If you are going through a proxy, I am wondering if you are trying to debug a proxy issue, an HTTPS issue or something else. Looking deeper at the stacktrace this site might be where you want to start as NTLMAuthentication is the class invoking the array copy:
NTLMAuthentication