Hi varunprasannan,
Welcome to Apple Support Communities. Make sure you are following the guidance below which is from Use NameDrop on iPhone to share your contact info and should be all you need to do.
"Use NameDrop on iPhone to share your contact information with new people
You can use NameDrop to quickly share contact information with a nearby iPhone. To use NameDrop:
- Hold the top of your iPhone near the top of someone else’s iPhone to share your contact.
A glow emerge from the top of both devices to indicate a connection is being made. Continue holding and NameDrop will appear on both screens.
2. You and the recipient can then select the following:
Receive Only: Receive the other iPhone’s contact card.
Share: Receive the other iPhone’s contact card, and share your own as well.
To cancel, move the two devices away from each other before NameDrop completes."
If NameDrop is still not working, check for restrictions which might be preventing you from sharing contacts. Check out Use Screen Time on your iPhone, iPad, or iPod touch for guidance on finding and updating those settings.
All the best.