Welcome to Tom's Hardware, Nashreen!
This error seems rather concerning and could be indicating a hardware failure of the HDD.
I'd advise you to try plugging the drive using a different SATA cable and attempt to plug the HDD to a different SATA port on the motherboard. (In case the HDD is internal) If the drive is an external one, you should try using a different USB cable and even try connecting it to another computer, if you have access to one.
It's a good idea to check up on the health and SMART status of the HDD using its manufacturer's brand-specific diagnostic tool. You should be able to find it on their official website.
If nothing works and you are still unable to initialize and format the hard drive, I'd strongly recommend you get in touch with the manufacturer's/reseller's customer support and send an RMA request to get a replacement.
Best of luck! Keep me posted.