Thanks for the replies guys..
as i tried your suggestions i figured out that the problem lies somewhere else......
if you look at the pic above, you would notice that there are two faces to the image.. if i draw just the front face of it.. it draws perfectly fine (even with GL_QUAD_STRIP as well as if i use triangle). So it seems using GL_QUAD_STRIP is not the problem. The weird effect comes when i draw the back face of the image. It seems the back face somehow interferes with the front face and gives this weird effect. And this happens just with this Intel HD3000 card only.
Can you think of any reason how this can happen with this card/driver?