At the time of exectution am getting an error
Cannot reload AVD list: cvc-enumeration-valid: Value \'280dpi\' is not facet-valid with respect to enumeration \'[l
The problem I have with all of these answers is they throw out the baby with the bathwater. Just read the problem and you'll realize the devices config file has a value that's not allowed.
280dpi
becomes hdpi
Edit: The problem with the answers that blindly delete the entire folder is that now you can't develop for Android Wear. The problem with replacing devices.xml folder is you're providing a list of phone specs where wearable specs are expected. Now you can't test.