I did following steps to recover from this:
1) Import google play services as project into your android sdk. In my system it is found at C:\adt-bundle-windows-x86_64-20140702\sdk\extras\google\google_play_services\libproject\google-play-services_lib
2) Your android application-> properties -> android
In the window
2.1) Click on Google APIs in project build target 2.2) Add google-play services in bottom frame and click on OK
Hope it gives clear instruction on what to do !!
Thanks.