Memory card does not work in my mobile!

Hello,

My nokia 2690 once dropped in water. Now the phone operates ok but the memory card does not work. The phone shows memory card but when I try to open it, it says "Memory card is not formatted, format it now?" even though the card is formatted and works in other mobile sets. I even tried to format the card from the same mobile but it said "Format could not be completed" and that memory card is now unusable in other mobiles as well.

Resetting the phone did not help.

Is there a way to fix this?

Thanks in advance.