ESP8266

Hi guys,
I have this ESP8266-12 Test board, like the one in this link: ESP8266: Test board review – Squix – TechBlog
I have been playing it for the past one week. All long, i was using the firmware 0.9.2.2 using ESP_flasher tool.
I wanted to upgrade to the latest one, found in the expressif github page: ESP8266_AT/bin at master · espressif/ESP8266_AT · GitHub
But while downloading the third file: esp_init_data_default.bin, at the address ,0x7C000, I got a floating point division error.
Still i continued to flash the last file, blank.bin on address 0x7E000. After that I've been encountering this weird problem:
I am powering the module with 3 AA batteries, which has about 3.4V now. But when i power the esp8266, the voltage shows 2.9v and is constantly decreasing, ultimately the power leds keep on dimming until the board gets fully switched off.
If I take out one battery for about 5 mins, and put it back, it again glows brightly slowly losing voltage until it again shuts down.
While it is powered up, I am still able to flash firmwares to it, but i get only garbage at some random baud rates.
I dont know what to do now. All my connections are correct, and I could very well use the ESP. I dont know whats causing the problem now.!
Please help me out.